How to Reform the EU and the EMU

Nicola Acocella ()

Economia Internazionale / International Economics, 2020, vol. 73, issue 3, 325-350

Abstract: The paper starts from the observation that the theoretical foundations of the EMU are largely outdated and European institutions have shown a number of faults. These can be summarized in the fact that there are frictions at work – which mainly derive from existing national borders - and adjustment issues that are not tackled, at least in a reasonably long period, by the single currency, free markets and constraints on national policies. It then suggests the broad lines along which the EMU could be reformed and indicates different growth and short-term strategies for the institutions as well as macroeconomic and microeconomic policies. Come riformare l'UE e l'UME Il lavoro parte dall’osservazione che i fondamenti teorici dell’UME sono del tutto obsoleti e che le istituzioni europee hanno mostrato ampie carenze. Queste possono essere sintetizzate nell’esistenza di frizioni – la cui principale causa è data dal permanenza di confini nazionali – e di problemi di aggiustamento irrisolti, almeno in un ragionevole lungo periodo, da moneta unica, libertà dei mercati e vincoli alle politiche nazionali. Il lavoro suggerisce poi i tratti essenziali di una riforma dell’UME, le diverse strategie di lungo e di breve periodo, nonchè le opportune politiche macro e microeconomiche.

Keywords: Monetary Union; Institutions; Theoretical Foundations; Reforms (search for similar items in EconPapers)
JEL-codes: B20 E42 F00 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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