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Mini-Bots: A “Lira” as a Parallel Currency for Italy?

In: European Union and Monetary Union in Permanent Crisis II

Author

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  • Dirk Meyer

    (Helmut-Schmidt-Universität)

Abstract

The failed Italian government of the Five Star Movement (Movimento 5 Stelle, M5S) and Lega in September 2019 stands for an end to austerity in Italy. This was accompanied by the announcement that the deficit rules from the EU Treaty (TEU), the Fiscal Treaty, the budgetary surveillance (“Twopack”), the reform of the Stability and Growth Pact (SGP) and the procedure for monitoring macroeconomic imbalances (“Sixpack”) were to be terminated and (partial) debt relief was to be sought. The idea of mini-bots (“Liro”—Italian euro) as a kind of national parallel currency on the basis of a promissory note was born within the framework of the formation of this euro-critical government in spring 2018. Parallel currencies primarily arise from two conditions: high inflation or a credit crunch. With the “Liro” it is different: The promissory note currency was primarily understood as a means of pressure to revise the institutional rules of the monetary union, which would ultimately lead to a rather chaotic euro exit.

Suggested Citation

  • Dirk Meyer, 2022. "Mini-Bots: A “Lira” as a Parallel Currency for Italy?," Springer Books, in: European Union and Monetary Union in Permanent Crisis II, chapter 0, pages 285-304, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-38646-7_14
    DOI: 10.1007/978-3-658-38646-7_14
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