Building an institutional framework for monetary stability: the case of Italy (1979-1994)

Article Abstract:

Italy's monetary regime has experienced significant developments from 1979 to 1994. The independence of the central bank from the government was strengthened by several reforms. The period under review is characterized by monetary policy consistent with the Italian government's inflation targets following the abandonment of the European Exchange Rate Mechanism in Sep. 1992. Factors leading to the replacement of one type of institutional arrangement by another and the effects on monetary policy performance are examined. The steps followed and the problems encountered in implementing a system which would ensure monetary stability are also presented.

International aspects, Central banks

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Towards ERM2: managing the relationship between the euro and the other currencies of the European Union

Article Abstract:

The Exchange Rate Mechanism 2 (ERM2) framework promises a stronger and closer relationship between the euro and potential non-euro members of the EU. The central factor of the relationship will depend on the progress of the economic convergence of participating countries. ERM2 provides for a suspension of intervention and financing by the European Central Bank (ECB) and non-euro banks during price stabilization. It clearly indicates an exchange rate objective that is geared towards non-inflationary economic and monetary policies.

Administration of General Economic Programs, Foreign Exchange & Reserves Policy, Laws, regulations and rules, Eurocurrency market

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Budget and constitution: a proposal for revision in the light of the Maastricht Treaty

Article Abstract:

The problems regarding Italy's proposed adherence to the European Economic and Monetary Union are discussed, particularly, the procedures in determining the public budget and their possible changes. Transparency in the budget process is needed to be able to do this task. The implications of the proposed changes on the amendments to the Finance Bill and the consequences of the Maastricht Treaty should also be closely examined. The economic and legal rules must be made known well before switching to the European currency.

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