Is the lira to blame? The European monetary “Snake” and the emergence of Italian anti-Europeanism

The path of the economic and monetary union has constituted for Italy one of the most difficult areas of comparison with the other countries of the Community, representing a ground of fertile and early criticism to the process of European integration. The brief experience within the so-called monetary “snake” provides, in this sense, interesting elements of analysis. As a result of the difficulties encountered in keeping the exchange rate of the lira within the fluctuation margins allowed by the Basle agreements, the political and public debate tended to unfold on two levels: on the one hand, the internal management of economic policy, both in its cyclical and structural elements, was accused; on the other hand, however, a feeling of impatience and detachment towards the European Community began to emerge. In this case, the criticism focused on the delay that the structural policies of the Community accumulated with respect to the progress made in monetary integration and on the effect that this delay had on what should have been the simultaneous process of convergence of the economies of the Community countries. Thus, this contribution highlights a perceived double dimension of Italy’s “detachment” from the EEC and the two contextual solutions proposed: on one side, Italy’s inability to align itself with the other European countries and, as a solution, its Europeanisation; on the other side, the Community’s inability to foster an actual convergence between the European economies and, as a solution, the construction of a path of integration based on solidarity and not on competition. © 2024 selection and editorial matter, Andrea Guiso and Daniele Pasquinucci; individual chapters, the contributors.