Franco Modigliani e l’Unione Monetaria Europea

This essay examines Franco Modigliani's contribution to the debate on European monetary\r\nintegration, from the seventies to the early 2000s as emerging from his articles published mainly on\r\nthe newspapers of the time and on professional journals. From the debate around the European\r\nmonetary system to the creation of the single currency, Modigliani generally stood for the\r\nintegration process and sought to encourage Italian politicians to engage in macroeconomic\r\nstabilization processes and to take an active part in the formulation and management of European\r\nagreements. At the same time, Modigliani criticized the overly rigid approaches supported by other\r\nEuropean countries, in particular Germany, in defining the Maastricht parameters, in the conception\r\nof fiscal policy, and in the statutory objectives and regulation of the European Central Bank.\r\nOverall, Modigliani sought to promote greater flexibility and cooperation within the European\r\narchitecture that enabled it to respond to citizens’ expectations and to foster not only monetary\r\nstability, but also employment and economic growth.