Thanks to the collaboration with renowned economists and policymakers, the publication compares Italian and German macro-economic cultures and performances. When the Bretton Woods system crumbled and currencies lost their direct link to the dollar and their indirect link to gold, these two countries embarked upon strongly different monetary policies. This divergence was reflected in the evolution of the exchange rates: the value of one D-Mark increased from 170 Italian lira under Bretton Woods to 990 Italian lira at the start of European Monetary Union: an astounding devaluation of about 85 per cent for the lira! Firstly, the volume describes the German and the Italian economic and, specifically, monetary models, with major attention paid to institutions such as Deutsche Bundesbank and Banca d'Italia, analysing their development in a diachronic perspective. Secondly, these paradigms are contextualized within a broader European context, which is fundamental to reflect upon possible future scenarios.

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Nova MD GmbH
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Thomas Mayer (Gründungsdirektor, Flossbach von Storch Forschungsinstitut) Francesco Papadia (Fellow, Bruegel; Vorsitzender des Auswahlgremiums des Hellenic Financial Stability Fund und Vorsitzender von Prime Collateralised Securities) Christiane Liermann Traniello (Generalsekretärin, Villa Vigoni) Matteo Scotto (Research Fellow, Villa Vigoni)

Der Sammelbans bringt kontroverse Perspektiven auf die Währungsunion zusammen; er differenziert zwischen den verschiedenen Ebenen des historischen Projekts Euro (monetär, wirtschaftlich, kulturell und politisch; er bietet eine Plattform für den Dialog zwischen Stimmen aus zwei Ländern, die sicherlich eine zentrale Rolle in den ungelösten (unlösbaren?) Herausforderungen an die Eurozone spielen. (Jean-CLaude Trichet)