Italy and Germany. Who has Betrayed Europe?

Nicola Acocella
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Nicola Acocella: University La Sapienza, MEMOTEF, Rome, Italy

Economia Internazionale / International Economics, 2025, vol. 78, issue 4, 653-674

Abstract: In this paper we take Italy and Germany as prototypes of the peripheral and core countries in the EMU and try to examine their respective faults. However interesting, this exercise has to be completed by an analysis of the Union institutions, their origin (and the forces that drove it away from a more balanced one or a federalist one) and shortcomings. This offers us the opportunity to suggest some changes to them, also to the light of recent changes due to the European reaction to the pandemic.

Italia e Germania. Chi ha tradito l’Europa?

In questo articolo prendiamo l’Italia e la Germania come prototipi dei paesi periferici e centrali dell’UEM e proviamo ad esaminare i loro rispettivi difetti. Per quanto interessante, questo esercizio deve essere completato da un’analisi delle istituzioni dell’Unione, della loro origine (e delle forze che hanno portato ad un allontanamento da un modello più equilibrato o federalista) e delle loro carenze. Ciò ci offre l’opportunità di suggerire alcune modifiche a tali istituzioni, anche alla luce dei recenti cambiamenti dovuti alla reazione europea alla pandemia.

Keywords: European Union; Euro; Werner Report; Institutions; Stability and Growth Pact; Next Generation EU (search for similar items in EconPapers)
JEL-codes: F53 H11 H77 (search for similar items in EconPapers)
Date: 2025
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