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Tre proposte per rivitalizzare l’Unione Europea (Three proposals for revitalising the European Union)

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  • Mario Tonveronachi

    (Università di Siena)

Abstract

Within the EU, the perception that the convergence on the current set of rules is not capable of producing convergence on results, or generally better results, has increased socio-political fragmentation. The result has been an increasing demand for re-nationalisation of sovereign powers. Focusing on the euro area, the paper proposes to revise the monetary operations of the European Central Bank, current fiscal rules and the financial regulatory approach in order to tackle some of the main inconsistencies, rigidities and fragilities in the current design. The new design is thought out to require no changes in the Treaty on the Functioning of the European Union, but at least a minimum political convergence. If successfully implemented, it would contribute to give a viable perspective to the design of the Economic and Monetary Union, capable of attracting those EU non-euro area countries that consider the mismanagement of the recent crisis and of its after-effects reason enough for resisting further losses of sovereignty.

Suggested Citation

  • Mario Tonveronachi, 2016. "Tre proposte per rivitalizzare l’Unione Europea (Three proposals for revitalising the European Union)," Moneta e Credito, Economia civile, vol. 69(276), pages 367-404.
    • Handle: RePEc:psl:moneta:2016:42
    DOI: http://dx.doi.org/10.13133/2037-3651_69.276_2
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    References listed on IDEAS

    as
    1. Mario Tonveronachi & Elisabetta Montanaro, 2012. "Financial re-regulation at a crossroads: How the European experience strengthens the case for a radical reform built on Minsky's approach," PSL Quarterly Review, Economia civile, vol. 65(263), pages 335-383.
    2. Mario Tonveronachi, 2013. "De-globalising bank regulation," PSL Quarterly Review, Economia civile, vol. 66(267), pages 371-385.
    3. Garreth Rule, 2011. "Issuing central bank securities," Handbooks, Centre for Central Banking Studies, Bank of England, number 30, April.
    4. Elisabetta Montanaro, 2016. "The process towards centralisation of the European financial supervisory architecture: The case of the Banking Union," PSL Quarterly Review, Economia civile, vol. 69(277), pages 135-172.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    European Union; euro area; ECB; monetary policy; fiscal rules; financial regulation;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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