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The Road To MaastrichtNegotiating Economic and Monetary Union$
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Kenneth Dyson and Kevin Featherstone

Print publication date: 1999

Print ISBN-13: 9780198296386

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/019829638X.001.0001

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Italian Policy Beliefs About EMU: External Discipline Versus Internal Protection

Italian Policy Beliefs About EMU: External Discipline Versus Internal Protection

(p.452) 10 Italian Policy Beliefs About EMU: External Discipline Versus Internal Protection
The Road To Maastricht

Kenneth Dyson (Contributor Webpage)

Kevin Featherstone (Contributor Webpage)

Oxford University Press

The parameters of the Italian perspective on EMU were derived from the legacies of the domestic weakness of the state (the diffuseness of power leading to immobilismo), the clientelism, and multiple veto points of the partitocrazia, and the process of policy learning concerning the political manipulation of economic and monetary policy. The competing pressures of securing external discipline and satisfying demands for internal protection were redefined by the experiences of financial crises in the 1970s and the implications of ERM entry. Policy shifts (to price and exchange rate stability, the ‘gradual divorce’ of the Banca d’Italia, and financial liberalization) restructured the power of the Banca and of the Tesoro, changed perceptions of the advantages of EU commitments as a vincolo esterno (external constraint), and heightened the policy leadership of technocratic experts.

Keywords:   Giulio Andreotti, Guido Carli, Italy, Banca d’Italia, liberalization, Mario Sarcinelli, policy shifts, stability policy, Tesoro, vincolo esterno

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