Tre proposte per rivitalizzare l’Unione Europea (Three proposals for revitalising the European Union)

Mario Tonveronachi

Abstract


Within the EU, the perception that the convergence on the current set of rules is not capable of producing convergence on results, or generally better results, has increased socio-political fragmentation. The result has been an increasing demand for re-nationalisation of sovereign powers. Focusing on the euro area, the paper proposes to revise the monetary operations of the European Central Bank, current fiscal rules and the financial regulatory approach in order to tackle some of the main inconsistencies, rigidities and fragilities in the current design. The new design is thought out to require no changes in the Treaty on the Functioning of the European Union, but at least a minimum political convergence. If successfully implemented, it would contribute to give a viable perspective to the design of the Economic and Monetary Union, capable of attracting those EU non-euro area countries that consider the mismanagement of the recent crisis and of its after-effects reason enough for resisting further losses of sovereignty.

JEL codes: E52, E62, F33, F36, F45, G28

Keywords: European Union, euro area, ECB, monetary policy, fiscal rules, financial regulation


Keyword


European Union, euro area, ECB, monetary policy, fiscal rules, financial regulation

Full Text

PDF

Riferimenti bibliografici


Bibow J. (2015), “Making the euro viable: The Euro Treasury Plan”, Levy Economics Institute Working Papers, n. 842, Levy Economics Institute of Bard College, Annandale-on-Hudson.

Brunnermeier M., Garicano L., Lane P.R., Pagano M., Reis R., Santos T., Thesmar D., Van Nieuwerburgh S. and Vayanos D. (2011), “European Safe Bonds (ESBies)”, mimeo, available at http://www.columbia.edu/~rr2572/papers/11-ESBies.pdf.

Banca Centrale Europea (2011a), The Implementation of Monetary Policy in the Euro Area, Francoforte sul Meno, febbraio.

Banca Centrale Europea (2011b), “Guideline of the European Central Bank of 20 September 2011on monetary policy instruments and procedures of the Eurosystem (recast) (ECB/2011/14)”, Official Journal of the European Union, L 331, 14 dicembre, p. 1.

Banca Centrale Europea (2012), “On the Statute of the European System of Central Banks and of the European Central Bank”, Official Journal of the European Union, C 326/230, 26 ottobre, p. 1.

Commissione Europea (2015), Completare l’Unione economica e monetaria dell’Europa. Relazione di Jean-Claude Juncker, in stretta collaborazione con Donald Tusk, Jeroen Dijsselbloem, Mario Draghi e Martin Schulz, Brussels: Commissione Europea.

German Council of Economic Experts (2016), Executive Summary of the Annual Report 2016/17. Time for Reforms, Berlino. Disponibile alla URL http://www.sachverstaendigenrat-wirtschaft.de/fileadmin/dateiablage/gut-achten/jg201617/ kurzfass_eng _2016_17.pdf.

Gray S., Pongsaparn R. (2015), “Issuance of Central Bank Securities: International Experiences and Guidelines”, IMF Working Papers, n. WP/15/106, Washington (DC).

Issing O. (2013), “The risk of European centralisation”, Project Syndicate, 2 luglio. Disponibile alla URL http://www.project-syndicate.org/commentary/the-risk-of-european-centralization-by-otmar-issing.

Issing O. (2015), “Towards a Genuine Economic and Monetary Union?”, Project Syndicate, 28 settembre. Disponibile alla URL http://www.project-syndicate.org/commentary/toward-a-genuine-economic-and-monetary-union-by-otmar-issing-2015-09.

Johnson S. (2016), “A size cap for the largest U.S. banks”, contributo al simposio Ending Too Big To Fail, organizzato dalla Federal Reserve Bank of Minneapolis, 6 aprile. Disponibile alla URL https://www.minneapolisfed.org/~/media/files/publications/studies/endingtbtf/april-4-symposium-presentations/ johnson-mpls-fed-conference -032816-discussants.pdf

Kattel R., Kregel J., Tonveronachi M. (eds.) (2016), Financial Regulation in the European Union, Londra: Routledge.

Kregel J. (2012), “Using Minsky to simplify financial regulation”, Research Project Report, n. 4, Levy Economics Institute at Bard College, Annandale-on-Hudson.

Minsky H. (1977), “Banking in a fragile financial environment”, The Journal of Portfolio Management, vol. 3 n. 4, pp. 16-22.

Minsky H. (1986), Stabilizing an Unstable Economy, Londra: Yale University Press.

Montanaro E. (2016), “The process towards the centralisation of the European financial supervisory architecture: the case of the Banking Union”, PSL Quarterly Review, vol. 68 n. 277, pp. 135-172.

Montanaro E., Tonveronachi M. (2012), “Financial re-regulation at a crossroads: How the European experience strengthens the case for a radical reform built on Minsky’s approach”, PSL Quarterly Review, vol. 65 n. 263, pp. 335-383.

Pâris P., Wyplosz C. (2014), “Politically Acceptable Debt Restructuring in the Eurozone (PADRE)”, Geneva Reports on the World Economy Special Report, n. 3, CEPR, Ginevra.

Prodi R., Quadrio Curzio A. (2011), “Gold in the past and EuroUnionBond for the future”, Economia Politica, vol. 3, pp. 295-303.

Quadrio Curzio A. (2014), “Eurobonds for EMU stability, convergence and growth”, Cranec Working Papers, n. 1403, Università Cattolica del Sacro Cuore, Milano.

Rule G. (2011), “Issuing central bank securities”, CCBS Handbook, n. 30, Bank of England, Londra.

Tarullo D. (2014), “Rethinking the aims of prudential regulation”, presentato alla 50th Annual Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 7-9 maggio.

Tonveronachi M. (2013), “De-globalising bank regulation”, PSL Quarterly Review, vol. 66 n. 267, pp. 371-385.

Tonveronachi M. (2015a), “Making the ECB the central bank of a non-federal coalition of states”, PSL Quarterly Review, vol. 68 n. 273, pp. 91-114.

Tonveronachi M. (2015b), “Revising the European Central Bank’s operations and the euro area fiscal rules to support growth and employment”, Journal of Post Keynesian Economics, vol. 38 n. 4, pp. 495-508.

Tonveronachi M. (2016), “A critical assessment of the EU monetary, fiscal and regulatory framework and a reform proposal”, FESSUD Working Paper Series, n. 132, Leeds University Business School, Leeds.

Yellen J. (2016), “Statement before the Committee on Financial Services”, U.S. House of Representatives, 28 settembre. Disponibile alla URL https://www.federalreserve.gov/newsevents/testimony/yellen20160928a.pdf.




DOI: http://dx.doi.org/10.13133/2037-3651_69.276_2

Refback

  • Non ci sono refbacks, per ora.


Copyright (c) 2017 Mario Tonveronachi

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

 

Con il contributo di  

ISSN 2037-3651

Reg. Tribunale di Roma n.377/2009 del 19/11/2009