Bulletin n. 3/2014
February 2015
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • Visco Ignazio
    The Crisis of Sovereign Debts and the Process of European Integration
    in Federalist Debate (The) , Year XXVI, n. 3, November ,  2013
    The introduction of the euro has been a fundamental step in European history, a political event that testifies to the progress made on the road of integration, a profound economic and social change; but it has been, precisely, a step, not the conclusion of the journey, still long and difficult. Of this was fully aware Tommaso Padoa-Schioppa, who has contributed so much to the realization of the monetary union. Tommaso Padoa-Schioppa was writing in the pages of the Corriere della Sera: “the macro-economic policy capacity [of the European economic and monetary union] is, except for the currency, embryonal and unbalanced. […] For the European Central Bank the real danger will not be its scarce independence, but its too great solitude […] as it operates almost in the vacuum, without a political power, a budgetary policy, a banking supervision, a control function over the financial markets. […] Is right therefore not only who applauds yesterday’s achievement, but also who points to its incompleteness, its risks, its temerity”. That same incompleteness is feeding, since 2010, the crisis of the eurozone’s sovereign debts.
    ©2001 - 2020 - Centro Studi sul Federalismo - P. IVA 94067130016