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What instruments for the European state to be?

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  • Simona Piattoni

Abstract

The commentary reflects on the switch from fiscal to financial instruments in the pursuit of important social and economic goals on the part of capitalist states, on its causes and risks. The financialization of state action has a number of consequences that raise many questions that are, to some extent, addressed in the commentary: how can the stability of a system so prone to market manias and panics be secured? What are the consequences in terms of the distribution of wealth and power among social classes? How can fundamental infrastructural investments be secured when the indirect financial instruments now preferred are only blunt steering tools? Can financial dominance be escaped without falling prey to fiscal dominance?

Suggested Citation

  • Simona Piattoni, 2023. "What instruments for the European state to be?," Stato e mercato, Società editrice il Mulino, issue 1, pages 95-104.
    • Handle: RePEc:mul:jl9ury:doi:10.1425/107676:y:2023:i:1:p:95-104
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    Keywords

    Monetary Systems; E44 - Financial Markets and the Macroeconomy; E58 - Central Banks and Their Policies; E62 - Fiscal Policy; N20 - Financial Markets and Institutions.;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • 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
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

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