Data di Pubblicazione:
2023
Citazione:
BANCA CENTRALE, FORMA DI GOVERNO ITALIANA E INTEGRAZIONE EUROPEA / E. Sorrentino ; tutor: F. G. Pizzetti ; coordinatrice: F. Biondi. Dipartimento di Studi Internazionali, Giuridici e Storico - Politici, 2023 Feb 20. 35. ciclo, Anno Accademico 2022.
Abstract:
Central bank, Italian form of government and European integration
Edoardo Sorrentino
PhD in Public, International and European Law
Università degli Studi di Milano
The purpose of my thesis is to highlight an aspect that could redefine today’s theory of forms of gov-ernment. It is well known that the latter has, as its object of study, the provisions governing the relations between the constitutional bodies that participate at the function of political orientation. And this func-tion, in contemporary states, almost entirely coincides with the public management of the economy. Sus-tained growth of national income has become the primary objective of contemporary States, both to en-sure high levels of employment and to find the necessary tax revenue to finance the services provided by the State itself. It is immediately appropriate to point out that the public government of the economy is not the exclusive prerogative of fiscal policy. Monetary policy has an equally fundamental function. We cannot ignore the role that central banks have played in the public management of the economy. Through its operations – such as the fixing of interest rates, credit facilities to the Treasury and the pur-chase and sale of public and private securities – central banks are able to influence the growth of nation-al income, the general level of prices and the evolution of external accounts. In other words, the results of the economic policies adopted by governments are conditioned by the choices made by the issuing institutions. Consequently, a complete theory of the forms of government cannot be separated from the analysis of the relationship that the central bank has with the Government and with the Parliament, in other words with the political orientation circuit.
The first chapter highlights the history of central banks and the evolution of their function, explaining how the position of the issuing institution is intimately linked to the purposes chosen by the State. A clear separation of roles has characterized nineteenth-century liberal democracies, dedicated to the safe-guard of markets. A government that had the monetary support of the central bank would, in fact, have interfered with the right of ownership and the freedom of economic initiative. An issuing institution in-dependent from the executive power and committed to maintaining price stability was therefore a means of making the Government to adopt a balanced economic policy. But in the substantial post-war democ-racies the government had to take an active role in order to correct the most intolerable inequalities produced by the market. In this framework, the central bank had to operate in a manner that served the government’s economic policy draft by ensuring that it would be financed on more favourable terms than those determined by the market. Obviously, this worldwide phenomenon has involved the Italian Republic. The constituents outlined, in addition to a poorly rationalized parliamentarism, an “economic constitution” that lacked clear guidance on the management of fiscal and monetary policy. The original 1948 text allowed the use of public debt without substantive, but only procedural, limits and did not openly enshrine the principle of monetary stability. The action of public authorities had to be oriented towards achieving full employment and reducing inequalities.
The second chapter deals with the development of the Italian form of government during the first twen-ty years of the Republic. It is well known that the lack of rationalization of parliamentarism has led to the development of a political system with an extreme multi-party situation where the element of alter-nation of government has failed, due to the conventio ad excludendum of the anti-syste
Tipologia IRIS:
Tesi di dottorato
Elenco autori:
E. Sorrentino
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