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

Maes, Ivo and Quaglia, Lucia (2006) Germany and Italy: conflicting policy paradigms towards European monetary integration? Constitutional Political Economy, 17 (3). pp. 235-56. ISSN 1043-4062

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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.

Item Type: Article
Schools and Departments: School of Law, Politics and Sociology > Politics
Depositing User: Lucia Quaglia
Date Deposited: 06 Feb 2012 18:32
Last Modified: 27 Mar 2012 11:41
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