Le sfide dell’Unione economica e monetaria

The adoption of the European single currency is rooted in the belief that the coexistence of different monetary policies jeopardizes the potential of the single market exposing the Member States to economic and monetary instability. The inability to govern the oscillation rate has therefore given birth to a unified monetary system, the common platform that favoured the flow of productive factors and the efficient allocation of the resources. This kind of apparatus, named Economic and Monetary Union (EMU), has two pillars: that of monetary policy, built on the shoulders of the European Central Bank (ECB), and that of economic policy in which stands the figure of the Council. The scarce coordination between the two organizations has not been able to withstand the impact caused by the crisis of subprime mortgages and has revealed the fragility of the whole system. The Maastricht Treaty’s drafters trusted in the affirmation of shared economic practices and in the spontaneous convergence between economic and monetary policy. Omen, this, completely contradicted by the reality: the crisis of the sovereign debt has imposed the adoption of a substantial plan of financial aids and resulted in the introduction of additional tools of banking and budgetary coordination. The existence of a common currency limits the intervention ability of the individual Countries that must be balanced by the empowerment of the common apparatuses of economic government. The fragility of the support mechanisms exacerbates the internal imbalances and materializes the spectre of a Eurozone with variable economies. The strategy of the “buffer solutions” is the principle feature of the European action: it is purely cyclical and it opens deregulated gates within which the economy trumps both politics and law. So, the European Union predicts a strengthening of the EMU through the progressive creation of three more Unions (economic, financial-banking and budgetary) prodromal the final consecration of the political Union. As mentioned above clearly emerges from the analysis of the report “Completing the Economic and Monetary European Union” signed by Juncker, Tusk, Dijsselbloem, Draghi and Schulz. The Presidents underline how the single currency is the key factor to achieve the economic equity between the Member States. At the same time, they are aware of the structural shortcomings of EMU that would only widen the gap between the Countries so called virtuous and those “most undisciplined” without a concomitant economic, financial and budgetary unit. The goal is to create integrated economy, finance as well as budget simultaneously implementing the parliamentary supervision of the activities in question