Federico Di Dario, Ph.D. Candidate in International Perspectives in Corporate Governance and Public Administration, University of Teramo, Faculty of Political Science
1. Old Asymmetries: Is more economic integration the answer?
The Economic and Monetary Union (EMU) is characterized by an asymmetrical design: on the one side, monetary policy is conducted at a supranational level, while on the other, economic policy is managed by national authorities. This asymmetry showed all its limits during the euro crisis and it is perceived as the main threat to EMU’s future. The development of a budgetary capacity to overcome the economic crisis and asymmetrical shocks within a federal political system would be the best solution to the problem of asymmetry. Nevertheless, there are overwhelming legal and political constraints to fiscal integration.