The Prodigal Son or a Confidence Trickster? How Italy got into EMU

Vincenzo Chiorazzo and Luigi Spaventa

Chapter 6 in From EMS to EMU: 1979 to 1999 and Beyond, 1999, pp 129-155 from Palgrave Macmillan

Abstract: Abstract The improbable should not be mistaken for the impossible.1 By mid-1996 the probabilities assigned to Italy’s admission to the third stage of EMU were nil, or slim at best. The country did not fulfill any of the entry conditions. The general government deficit exceeded by some four points the Maastricht standard. The fact that in June 1996 a new government led by Mr Prodi set for 1997 a deficit target far above the required 3 per cent was interpreted as the official recognition that admission was out of reach.

Keywords: Interest Rate; European Monetary Union; Social Security Contribution; Single Currency; Primary Surplus (search for similar items in EconPapers)
Date: 1999
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DOI: 10.1007/978-1-349-27745-2_8

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