La "svalutazione virtuosa" del 1992 e la politica dei redditi: un insegnamento da ricordare

This study analyses the role of the 1992 and 1993 agreements between the Italian social partners in facilitating a 'virtuous devaluation' of the lira and their lessons for today's economic policies. In particular, we examine how wage moderation, stimulated by these agreements, helped to manage economic and inflationary shocks, influencing income distribution and real wages. In light of the Modigliani and Tarantelli’s studies and our recent research, we highlight the importance of industrial relations and the international context, especially in the 1992 crisis, in promoting sustainable growth. Despite the evolution towards new European constraints and the single currency, the experience of those years suggests that deep distributional reforms remain essential for inclusive and non-inflationary growth.