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The process of european monetary integration: a comparison of the belgian and italian approaches

Author

Listed:
  • Ivo Maes

    (National Bank of Belgium, Research Department, University of Leuven and ICHEC, Brussels (Belgium))

  • Lucia Quaglia

    (University of Limerick, Department of Politics and Public Administration, Limerick (Ireland))

Abstract

his paper analyses the roles which Belgium and Italy have played in the process ofEuropean monetary integration. It focusses on Belgian and Italian attitudes towards European integration and EMU, exchange rate policies, key concepts of the EMU strategies and concrete contributions. Overall, Belgium and Italy played an important and pace-setting role in the process of European monetary integration. The main difference is that Belgium has been a constant and consistent "pace-setter" inmonetary matters, whereas Italy was mainly active in the 1980s. Furthermore, the paper shows how important it was for a country to achieve a sound economic performance, especially a stable exchange rate, in order to have influence on theEuropean monetary scene.

Suggested Citation

  • Ivo Maes & Lucia Quaglia, 2003. "The process of european monetary integration: a comparison of the belgian and italian approaches," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 56(227), pages 299-335.
    • Handle: RePEc:psl:bnlaqr:2003:41
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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9817/9702
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    References listed on IDEAS

    as
    1. Mongelli, Francesco Paolo, 2002. "ìNew" Views on the Optimum Currency Area Theory: What is EMU Telling US?," Royal Economic Society Annual Conference 2002 140, Royal Economic Society.
    2. André Sapir & Marco Buti, 2002. "EMU and economic policy in Europe: the challenge of the early years," ULB Institutional Repository 2013/8072, ULB -- Universite Libre de Bruxelles.
    3. M. Sarcinelli, 1995. "Italian monetary policy in the '80s and '90s: the revision of the modus operandi," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 48(195), pages 397-422.
    4. Dyson, Kenneth & Featherstone, Kevin, 1999. "The Road To Maastricht: Negotiating Economic and Monetary Union," OUP Catalogue, Oxford University Press, number 9780198296386.
    5. F. Giavazzi & L. Spaventa, 1989. "Italy: The Real Effects of Inflation and Disinflation," Working Papers 71, Dipartimento Scienze Economiche, Universita' di Bologna.
    6. M. Sarcinelli, 1995. "Italian monetary policy in the '80s and '90s: the revision of the modus operandi," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 48(195), pages 397-422.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Ivo Maes, 2009. "The young Lamfalussy : an empirical and policy-oriented growth theorist," Working Paper Research 163, National Bank of Belgium.
    2. Gerdesmeier, Dieter & Roffia, Barbara & Eleftheriou, Maria, 2006. "Monetary policy rules in the pre-EMU era: Is there a common rule?," Working Paper Series 659, European Central Bank.
    3. Geert Langenus, 2006. "Fiscal sustainability indicators and policy design in the face of ageing," Working Paper Research 102, National Bank of Belgium.
    4. André Sapir, 2020. "High Public Debt in the Euro Area: A Tale of Belgium and Italy," Journal of Common Market Studies, Wiley Blackwell, vol. 58(3), pages 672-687, May.
    5. Donato Masciandaro & Davide Romelli, 2018. "To Be or not to Be a Euro Country? The Behavioural Political Economics of Currency Unions," BAFFI CAREFIN Working Papers 1883, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    6. Ivo Maes, 2007. "The spread of Keynesian economics : a comparison of the Belgian and Italian experiences," Working Paper Research 113, National Bank of Belgium.

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    More about this item

    Keywords

    EMU; Exchange Rates; Integration;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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