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Il principio dell'indipendenza della banca centrale e la stabilit? dei prezzi come obiettivo della politica monetaria: quale influenza dell'ordoliberalismo in Germania e nell?Unione Europea? (The principle of central bank independence and price stability as monetary policy goal: which influence of ordoliberalism in Germany and the European Union?)

Author

Listed:
  • Lorenzo F. Pace

    (Università degli Studi del Molise)

Abstract

Nell'evoluzione giuridica e istituzionale dell?Unione Europea un ruolo importante è stato svolto dall?ordoliberalismo. Una delle battaglie per cui l'ordoliberalismo è conosciuto è quella sui principi della politica monetaria e dell'organizzazione istituzionale della banca centrale. Al fine di comprendere il pensiero ordoliberale, tale tema è utile, innanzitutto, per apprezzare le basi storiche e teoriche dell'ordoliberalismo. Inoltre, tale tema è utile per illustrare la specifica influenza che l'ordoliberalismo ha svolto (indirettamente) a livello dell'Unione. La prima parte dell'articolo approfondisce il tema dell'indipendenza della banca centrale e della finalità della politica monetaria in Germania (dalla Reichsbank alla Bundesbank). La seconda parte affronta il tema dell'indipendenza della banca centrale e dell'obiettivo della politica monetaria nell'Unione Europea, indagando se e in quale modo l'ordoliberalismo abbia svolto in questo un'influenza. In the legal and institutional evolution of the European Union a particularly important role has been played by ordoliberalism. One of the battles for which ordoliberalism is known is that of the basic principles of monetary policy and of the institutional set up of central banks. In order to better understand the ordoliberal thought, this subject can usefully be used to appreciate the historical and theoretical bases of ordoliberalism. Secondly, this subject can be useful to illustrate the influence that the ordoliberalism has played at the EU. The first part of this article aims to investigate the issue of central banks independence and the goal of monetary policy in Germany (from Reichsbank to Bundesbank). In the second part, the issue of central bank independence and the objective of monetary policy in the EU will be addressed, trying to understand if and in which way ordoliberalism has played its influence.

Suggested Citation

  • Lorenzo F. Pace, 2019. "Il principio dell'indipendenza della banca centrale e la stabilit? dei prezzi come obiettivo della politica monetaria: quale influenza dell'ordoliberalismo in Germania e nell?Unione Europea? (The prin," Moneta e Credito, Economia civile, vol. 72(288), pages 349-364.
    • Handle: RePEc:psl:moneta:2019:43
    as

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    File URL: https://ojs.uniroma1.it/index.php/monetaecredito/article/view/16472/15914
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    References listed on IDEAS

    as
    1. Issing,Otmar, 2008. "The Birth of the Euro," Cambridge Books, Cambridge University Press, number 9780521731867, October.
    2. Issing,Otmar, 2008. "The Birth of the Euro," Cambridge Books, Cambridge University Press, number 9780521516730, October.
    3. Wrobel, Ralph, 2018. "Die Unabhängigkeit der Deutschen Bundesbank: Eine Erfolgsgeschichte," Discourses in Social Market Economy 2018-01, OrdnungsPolitisches Portal (OPO).
    4. Stefan Bach, 2018. "100 Jahre deutsches Steuersystem: Revolution und Evolution," Discussion Papers of DIW Berlin 1767, DIW Berlin, German Institute for Economic Research.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Ordoliberalism; Economic and Monetary Union; Reichsbank; Euro crisis;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • 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
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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