Has Italy Won or Lose in the European Monetary Union

Research Article
Open access

Has Italy Won or Lose in the European Monetary Union

Ruijie Xie 1*
  • 1 Macau University of Science and Technology    
  • *corresponding author 1220026734@student.must.edu.mo
Published on 20 November 2023 | https://doi.org/10.54254/2753-7048/24/20230680
LNEP Vol.24
ISSN (Print): 2753-7056
ISSN (Online): 2753-7048
ISBN (Print): 978-1-83558-127-8
ISBN (Online): 978-1-83558-128-5

Abstract

The transformation of the European Monetary System into the European Monetary Union is a significant event in the development of the world economy and a major issue of concern in international financial research. The establishment of the European Monetary Union is the basis and guarantee for the establishment of the European Economic Union and Political Union. In this study, by analyzing various economic indicators of Italy, the author can determine whether it is a winner or loser in terms of gains and losses in the European Monetary Union and then can also infer the changes in the economies of various countries under the union policies. In terms of economic development, it can be seen from the Gini coefficient and GDP growth rate that Italy has long been in a predicament of a large wealth gap and weak economic development. In terms of economic security, it can also be inferred that Italy is trapped in a quagmire of foreign debts and perennial fiscal deficits through the two data of the percentage of foreign debt to GDP and the ratio of fiscal revenue and expenditure, resulting in insufficient amplitude credibility and large economic loopholes. From this, it can be judged that Italy is in the position of a loser in the European Monetary Union.

Keywords:

European Monetary Union, Italy, economy, Gini coefficient

Xie,R. (2023). Has Italy Won or Lose in the European Monetary Union. Lecture Notes in Education Psychology and Public Media,24,141-145.
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References

[1]. Wyplosz, Charles (1997) EMU: Why and How It Might Happen. Journal of Economic Perspectives, 11 (4): 3-21.

[2]. Lane, Philip, R. (2006) The Real Effects of European Monetary Union. Journal of Economic Perspectives, 20 (4): 47-66.

[3]. He Youhua , Y. (2002) A political economic analysis of the European Monetary Union, East China Normal University

[4]. Klein, Michael W.  (1998) European Monetary Union. New England Economic Review. Boston, 3-12.

[5]. Eurostat.(2022)Retrievedfrom:https://ec.europa.eu/eurostat/web/main/search//search/estatsearchportlet_WAR_estatsearchportlet_INSTANCE_bHVzuvn1SZ8J?text=Gini+coefficient+on+household+population++experimental+statistics&_estatsearchportlet_WAR_estatsearchportlet_INSTANCE_bHVzuvn1SZ8J_collection=&_estatsearchportlet_WAR_estatsearchportlet_INSTANCE_bHVzuvn1SZ8J_theme=

[6]. Our World In Data. (2021) Annual growth of GDP per capita, 2002 to 2018. Retrieved from: https://ourworldindata.org/grapher/gdp-per-capita- growth?tab=chart&time=2002..2018&country=OWID_EU27~ITA

[7]. Eurostat.(2022)Retrievedfrom:https://ec.europa.eu/eurostat/web/main/search//search/estatsearchportlet_WAR_estatsearchportlet_INSTANCE_bHVzuvn1SZ8J?text=debt&_estatsearchportlet_WAR_estatsearchportlet_INSTANCE_bHVzuvn1SZ8J_collection=&_estatsearchportlet_WAR_estatsearchportlet_INSTANCE_bHVzuvn1SZ8J_theme=

[8]. World Bank.(2020) Net trade in goods and services (BoP, current US$) – Italy. Retrieved from: https://data.worldbank.org/indicator/BN.GSR.GNFS.CD?locations=IT

[9]. Iacopo Mugnai. (2022) The politics of ECB’s economic ideas and its implications for European economic governance: embedding a resilient EMU from the top-down? Comparative European Politics, 10.1057/s41295-022-00289-2.

[10]. Li X. (1997) On the reasons, benefits and costs of establishing the European Monetary Union. Journal of Sun Yat-sen University, Social Sciences Edition, 37(6): 2-8.

Cite this article

Xie,R. (2023). Has Italy Won or Lose in the European Monetary Union. Lecture Notes in Education Psychology and Public Media,24,141-145.

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About volume

Volume title: Proceedings of the International Conference on Global Politics and Socio-Humanities

ISBN：978-1-83558-127-8(Print) / 978-1-83558-128-5(Online)
Editor：Enrique Mallen, Javier Cifuentes-Faura
Conference website: https://www.icgpsh.org/
Conference date: 13 October 2023
Series: Lecture Notes in Education Psychology and Public Media
Volume number: Vol.24
ISSN：2753-7048(Print) / 2753-7056(Online)

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References

[1]. Wyplosz, Charles (1997) EMU: Why and How It Might Happen. Journal of Economic Perspectives, 11 (4): 3-21.

[2]. Lane, Philip, R. (2006) The Real Effects of European Monetary Union. Journal of Economic Perspectives, 20 (4): 47-66.

[3]. He Youhua , Y. (2002) A political economic analysis of the European Monetary Union, East China Normal University

[4]. Klein, Michael W.  (1998) European Monetary Union. New England Economic Review. Boston, 3-12.

[5]. Eurostat.(2022)Retrievedfrom:https://ec.europa.eu/eurostat/web/main/search//search/estatsearchportlet_WAR_estatsearchportlet_INSTANCE_bHVzuvn1SZ8J?text=Gini+coefficient+on+household+population++experimental+statistics&_estatsearchportlet_WAR_estatsearchportlet_INSTANCE_bHVzuvn1SZ8J_collection=&_estatsearchportlet_WAR_estatsearchportlet_INSTANCE_bHVzuvn1SZ8J_theme=

[6]. Our World In Data. (2021) Annual growth of GDP per capita, 2002 to 2018. Retrieved from: https://ourworldindata.org/grapher/gdp-per-capita- growth?tab=chart&time=2002..2018&country=OWID_EU27~ITA

[7]. Eurostat.(2022)Retrievedfrom:https://ec.europa.eu/eurostat/web/main/search//search/estatsearchportlet_WAR_estatsearchportlet_INSTANCE_bHVzuvn1SZ8J?text=debt&_estatsearchportlet_WAR_estatsearchportlet_INSTANCE_bHVzuvn1SZ8J_collection=&_estatsearchportlet_WAR_estatsearchportlet_INSTANCE_bHVzuvn1SZ8J_theme=

[8]. World Bank.(2020) Net trade in goods and services (BoP, current US$) – Italy. Retrieved from: https://data.worldbank.org/indicator/BN.GSR.GNFS.CD?locations=IT

[9]. Iacopo Mugnai. (2022) The politics of ECB’s economic ideas and its implications for European economic governance: embedding a resilient EMU from the top-down? Comparative European Politics, 10.1057/s41295-022-00289-2.

[10]. Li X. (1997) On the reasons, benefits and costs of establishing the European Monetary Union. Journal of Sun Yat-sen University, Social Sciences Edition, 37(6): 2-8.

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