In search of (legal) symmetry in the Economic and Monetary Union: ‘Off the beaten track’

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[1]. 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[2].

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