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Italy in EMU
 
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Italy in EMU
The Challenges of Adjustment and Growth
Edited by Marco Buti
 
 
Palgrave Macmillan
 
 
 
 
 
19 Dec 2008
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£80.00
|Hardback In Stock
  
9780230223356
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DescriptionContentsAuthors


Italy's adoption of the euro in 1999 was hailed as a major political achievement and an opportunity to secure macroeconomic stability and push through reforms which domestic institutional and political weaknesses would otherwise have made difficult. At the same time, it was clear that the single currency would bring significant challenges: exchange rate adjustments could no longer be used as a quick fix in the event of competitiveness losses and the fiscal authorities would have to respect the discipline imposed by the Stability and Growth Pact. A decade after the creation of the Economic and Monetary Union (EMU), Italy is still adjusting to the new policy environment created by the euro.
This book assesses Italy's experience in EMU to date, identifies the main challenges ahead, outlines key policy issues that will continue to shape the economic debate, and highlights how Italy's experience offers lessons for other current and prospective euro area members. Bringing together contributions from policymakers, academics, international organisations and the market, this book is essential reading for all interested in the economic challenges facing Italy and EMU more widely.


Description


Italy's adoption of the euro in 1999 was hailed as a major political achievement and an opportunity to secure macroeconomic stability and push through reforms which domestic institutional and political weaknesses would otherwise have made difficult. At the same time, it was clear that the single currency would bring significant challenges: exchange rate adjustments could no longer be used as a quick fix in the event of competitiveness losses and the fiscal authorities would have to respect the discipline imposed by the Stability and Growth Pact. A decade after the creation of the Economic and Monetary Union (EMU), Italy is still adjusting to the new policy environment created by the euro.
This book assesses Italy's experience in EMU to date, identifies the main challenges ahead, outlines key policy issues that will continue to shape the economic debate, and highlights how Italy's experience offers lessons for other current and prospective euro area members. Bringing together contributions from policymakers, academics, international organisations and the market, this book is essential reading for all interested in the economic challenges facing Italy and EMU more widely.


Contents


Foreword; C.A.Ciampi
Introduction; M.Buti
An Obsolete Model? Growth and Specialisation of the Italian Economy; R.Faini& A.Sapir
Italy in the Euro Area: The Adjustment Challenge; L.Bardone& V.E.Reitano
Comments; V. Grilli
Comments; D. Gros
Two Italian Puzzles: are productivity growth and competitiveness really so depressed?; L.Codogno
Comments; T. Boeri
Comments: S.De Nardis
How to Ensure a Sustainable Fiscal Consolidation?; D.FrancoP.Rizza
Comments; M.Larch& L.Piana
Comments: V.Tanzi
Italy Viewed from the Outside: The OECD View; A.Bibbee
Italy Viewed from the Outside: The IMF View; A.Leipold
Italy Viewed from the Outside: The Markets View; E.Chaney


Authors

MARCO BUTI was educated at the Universities of Florence and Oxford and joined the European Commission in 1987. He was economic advisor to the Commission President until 2003; from September 2003 to August 2006 he was Director of Economies of Member States at the Directorate-General for Economic and Financial Affairs where, as from 1 September 2006, he has been appointed Deputy Director General. He has been visiting professor at the Université Libre de Bruxelles, the University of Florence and the European University Institute. He has published extensively on EMU, macroeconomic policies, welfare state reforms, European unemployment, including co-editing The Stability and Growth Pact: The Architecture of Fiscal Policy in EMU (with Anne Brunila and Daniele Franco) and The Behaviour of Fiscal Authorities: Stabilization, Growth and Institutions (with Jürgen von Hagen and Carlos Martinez-Mongay).