Europe at the Interdependence War

The EMU has been founded on the exclusive national responsibility doctrine, except for monetary sovereignty devoted to a single bank. This foundation had and still has complex political motivations, but it is in overt contradiction with the fundamental fact that creating a highly integrated economic system also creates strong economic and financial interdependences. In this paper, Italian economist Roberto Tamborini, Università di Trento, speaks out on why the strong interdependent linkages among the partner countries impair the national responsibility notion and make the country-by-country approach of the EMU policicies so dramatically harmful.