Chapter

Italian Policy Beliefs About EMU: External Discipline Versus Internal Protection

Kenneth Dyson and Kevin Featherstone

in The Road To Maastricht

Published in print October 1999 | ISBN: 9780198296386
Published online November 2003 | e-ISBN: 9780191599125 | DOI: http://dx.doi.org/10.1093/019829638X.003.0011
 Italian Policy Beliefs About EMU: External Discipline Versus Internal Protection

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The parameters of the Italian perspective on EMU were derived from the legacies of the domestic weakness of the state (the diffuseness of power leading to immobilismo), the clientelism, and multiple veto points of the partitocrazia, and the process of policy learning concerning the political manipulation of economic and monetary policy. The competing pressures of securing external discipline and satisfying demands for internal protection were redefined by the experiences of financial crises in the 1970s and the implications of ERM entry. Policy shifts (to price and exchange rate stability, the ‘gradual divorce’ of the Banca d’Italia, and financial liberalization) restructured the power of the Banca and of the Tesoro, changed perceptions of the advantages of EU commitments as a vincolo esterno (external constraint), and heightened the policy leadership of technocratic experts.

Keywords: Giulio Andreotti; Guido Carli; Italy; Banca d’Italia; liberalization; Mario Sarcinelli; policy shifts; stability policy; Tesoro; vincolo esterno

Chapter.  16930 words. 

Subjects: European Union

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