Abstract
The second part of the book is concerned with discovering what went wrong in the political economy of the Italian experience inside the European monetary arrangements. To this aim, this chapter assesses the origins of the Italian commitment to the process of monetary integration, identifying the roots of its credibility in the consensus of the leading Italian socio-economic coalition. In turn, such a consensus was predicated around the political economy strategy of the Italian business elites to reduce the power of organised labour by shifting the level of governance from the national to the supranational context. At the same time, and in line with a similar strategy adopted by other leading European elites (Chapter 3), the Italian manufacturing sector had hoped to resolve its problem of competitiveness by enacting labour market reforms, which would become far more viable in a strict anti-inflationary environment such as the one established with the ERM of the EMS. These two issues were very salient in underpinning the credibility of the Italian commitment to the process of European monetary integration and were to influence profoundly its future.
Published Version
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
