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Germany and Italy: conflicting policy paradigms towards European monetary integration?

journal contribution
posted on 2023-06-07, 20:27 authored by Ivo Maes, Lucia Quaglia
In the literature on European monetary integration Germany and Italy are mostly strongly contrasted. However, this paper argues that there were important similarities between the policy paradigms in these two countries, in particular if a broader historical perspective is adopted. This work analyses the policy paradigms towards European monetary integration in Italy and Germany. Moreover, it contextualises these paradigms into the national institutional setting: while Germany was characterised by power sharing institutions, Italy featured power fragmentation (something which also affected the economic performance of both countries). There were significant differences between the policy paradigms of foreign policy-makers and economic policy-makers. Foreign policy makers, in both countries, under the influence of a European federalist vision, were strongly in favour of European monetary integration. These beliefs of foreign policy decision makers were crucial in charting EMU policy at history-making moments. The pro EMU policy paradigms of foreign policymakers contrasted, during most of the period covered, with the more sceptical beliefs of economic policy makers. In both countries, economic policy-makers, at different moments, had doubts whether enough convergence had been reached to make a more stable exchange rate system sustainable.

History

Publication status

  • Published

Journal

Constitutional Political Economy

ISSN

1043-4062

Issue

3

Volume

17

Page range

235-56

Pages

22.0

Department affiliated with

  • Politics Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2012-02-06

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