Bulletin n. 1/2016
June 2016
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
    • Alfonso Sabatino
    The ECB’s Quantitative Easing Programme: Necessary, but Not Enough
    in Federalista (Il)/Federalist (The) , Anno LVII, n. 3 ,  2016
    The decisions taken by the Governing Council[1] of the European Central Bank (ECB) on Wednesday 3 December 2015, and the immediate negative reaction on the financial markets, have re-opened the debate on Quantitative Easing (QE), i.e. the programme of public and private bond purchasing introduced by the ECB in March the same year as a means of boosting inflation and reviving the economy of the eurozone. Today, Europe — the eurozone primarily — needs to work out how to manage the ongoing technological and scientific revolution, what kind of welfare state model is needed to support a new phase of development, and, finally, what interventions are required at global level in order to ensure adequate governance of globalisation through, to begin with, reform of the international monetary system (so as to stabilise the system of exchange rates of major currencies) and reform of the International Monetary Fund.
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