Contents of the volume

2020, Volume 73 - Issue 3

ISSN: 2499-8265
RSS feed citation: At RePEc
Publication date: 17 August 2020


Nicola Acocella

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Luciano Marcello Milone

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Kamal Upadhyaya, Rabindra BHANDARI, Franklin G. JR. MIXON

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Abdulnasser Hatemi-J

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Sadeq Abul, Ahmad M. AL-KANDARI

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Genoa Chamber of Commerce
Economia Internazionale / International Economics

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Corresponding author

Nicola ACOCELLA, University La Sapienza, Department of Public Economics, Rome, Italy

How to Reform the EU and the EMU




The paper starts from the observation that the theoretical foundations of the EMU are largely outdated and European institutions have shown a number of faults. These can be summarized in the fact that there are frictions at work – which mainly derive from existing national borders - and adjustment issues that are not tackled, at least in a reasonably long period, by the single currency, free markets and constraints on national policies. It then suggests the broad lines along which the EMU could be reformed and indicates different growth and short-term strategies for the institutions as well as macroeconomic and microeconomic policies.

JEL classification

B20, E42, F00


Monetary Union, Institutions, Theoretical Foundations, Reforms


  1. Introduction
  2. What has worked in the EMU and what has not
  3. Rip van Winkle and the rebuttal of the theoretical convictions of the 1970s and 1980s
  4. The need for revisiting the inflation target
  5. Fiscal multipliers, consolidation and European institutions 
  6. The theory of optimum currency areas, the foundations of the EMU and the reasons for reduced support in it
  7. For a fairer EMU at the service of citizens and not prone to financial crises and stagnation
  8. A common growth strategy instead of competitive strategies by different countries
  9. The EMU, the state and the local level: more, stronger (and more active) common institutions or institutional competition?
  10. Other reforms


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