IDEAS home Printed from https://ideas.repec.org/a/fan/steste/vhtml10.3280-ste2012-107003.html
   My bibliography  Save this article

Il ruolo della BCE nella crisi economica in Europa

Author

Listed:
  • Vincenzo Maffeo

Abstract

The purpose of the paper is to analyze the role played by the ECB in the economic crisis in Europe, especially in connection with the issue of the sustainability of public debt in some of the major countries of the European Monetary Union. To this end, a comparison is made with the ?divorce?, in Italy in 1981, between the Treasury and the Central Bank. It demonstrates that the independence achieved by the Bank of Italy through this ?divorce?, in addition to allowing for a more stable exchange rate policy, also had the objective of laying down such an institutional set-up able to hinder expansive fiscal policies, seen as an element that could cause wage growth and a profit squeeze. The same objective seems to be at the basis of the founding of the European Monetary Union, by means of the rules of the Maastricht Treaty curbing public deficits and debts on the one hand, and ECB independence from any European political institution on the other. So as not to weaken, and instead strengthen this institutional set-up and the income distribution that it contributes to maintaining, the EBC is not enabled to directly purchase the state securities of countries that are undergoing financial difficulties.

Suggested Citation

  • Vincenzo Maffeo, 2012. "Il ruolo della BCE nella crisi economica in Europa," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2012(107), pages 65-83.
    • Handle: RePEc:fan:steste:v:html10.3280/ste2012-107003
    as

    Download full text from publisher

    File URL: http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=48542&Tipo=ArticoloPDF
    Download Restriction: Single articles can be downloaded buying download credits, for info: https://www.francoangeli.it/DownloadCredit
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Vincenzo Maffeo, 2014. "Economic theory and social classes," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2014(114), pages 30-50.
    2. Vincenzo Maffeo, 2016. "Azione collettiva, classi sociali e teoria classica dei salari," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2016(118-119-1), pages 146-166.

    More about this item

    JEL classification:

    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fan:steste:v:html10.3280/ste2012-107003. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Stefania Rosato (email available below). General contact details of provider: http://www.francoangeli.it/riviste/sommario.aspx?IDRivista=59 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.