—— ABOUT CRISES —— Francesco Nicoli's ideas den

« L'Europe se fera dans les crises et elle sera la somme des solutions apportées à ces crises »—Jean Monnet

New Publication out! “Steps towards a Genuine Monetary Union”

New publication out!

My paper “from governace to government? steps towards a Genuine Monetary Union” has just been published in a special issue of the journal Politica Economica- Journal of Economic Policy (PEJEP)”. The special issue is dedicated to the outstanding problems of the EMU’s economic governance; in this particular paper, I analyze the main limitiations of the existing institutions proposing a step-by-step way forward to bridge the gap from the current setting towards the establishement of a full-fledged fiscal union. A shorter version of the paper was awarded with the first prize of the “How to govern Europe?” call for papers, organized by the Italian Parliament and by the newspaper Eunews.

If you have a submission to PEJEP, you can download the paper here.

The 5-minutes presentation of the paper I have in the Italian Parliament can be seen here (in Italian), although unfortunately I was talking mostly out of the microphone so it is not easy to follow through.


The Euro Area is navigating uncharted waters: it started, in slow motion, to slide towards a fiscal federation, while still lacking both the fiscal capacity and the democratic qualification to achieve this goal. Strengthening the EMU democratic profile is a fundamental requirement for the sustainability of the EMU as much as its completion with a fiscal and economic arm. Yet, according to the Five Presidents Report released in 2015, no substantial progress is expected to be achieved before 2025. Against this background, this paper is structuredin two parts. The first part discusses the rationale for the creation of a fiscal capacity and for coordination of economic policy The second part proposes a new mechanism – a Joint Budgetary Procedure – to strengthen the Eurozone governance in a Treaty-neutral way, paving the way for smoother implementation after the 2025 assumed Treaty change.


Nicoli, F. (2016) From Governance to Government? Towards a Genuine Economic and Monetary Union. Journal of Economic Policy, 32, Issue 3, pp. 413-440




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