Luigi Einaudi, the European Federation and the ECB's Monetary Policy as Seen by Francesco Forte

Santagostino A.

INTERNATIONAL ADVANCES IN ECONOMIC RESEARCH, vol.23, no.1, pp.39-50, 2017 (ESCI) identifier identifier

  • Publication Type: Article / Article
  • Volume: 23 Issue: 1
  • Publication Date: 2017
  • Doi Number: 10.1007/s11294-016-9619-3
  • Journal Name: INTERNATIONAL ADVANCES IN ECONOMIC RESEARCH
  • Journal Indexes: Emerging Sources Citation Index (ESCI), Scopus
  • Page Numbers: pp.39-50
  • Keywords: Luigi Einaudi, European Federation, Fiscal federalism, Subsidiarity, EU
  • Ankara University Affiliated: Yes

Abstract

Francesco Forte dedicated three books to the figure of Luigi Einaudi. The first was published in 1982, the second in 2009, and the third in 2016. Through these books he provides a comprehensive analysis of the liberal thought of Einaudi. This article focuses on Forte's exploration and comments regarding Einaudi's views and proposals for the European Federation (Einaudi 2011) and the European Central Bank's unconventional monetary policy. Forte's analysis of Einaudi has the merit of exalting one of the most prominent and lesser known features of his thought. Einaudi appears as the architect of what we call today the European Union. However no historian, economist, or politician has ever recognized the fundamental role of Einaudi. This lack of recognition should be extended to the Eurotower banker whose unconventional monetary policy has drawn so much from Einaudi's theory of financial stability.