The Incomplete Currency - Marcello Minenna

The Incomplete Currency is a treaty about Euro at the date of 2016. From the building blocks to the architecture and then to the current crisis. The risk of break up of the single currency peaked in the last years and now show a rising imbalance. Dysfunctional mechanisms, the relationship between banks and governments, the role & safeguard mechanism of ECB together with the limits of single fiscal policy highlights the inadequacy of the democratic process in Europe. The ECB an unelected organism continue to increase inequalities in Europe. The Minenna proposals of public debt sharing & monetarization of ECB and EU is toward a single political union, but the problems are visible in the Target 2 system and the continuing surplus of German-trade balance, no credit to real economy; the facts from the crisis are linear in subsequent explosion of the public debt and poverty, and now it's discharging its effects in favor the rise of populism in Europe. The numbers for Italy are dramatic, the public debt continues to rise, the industrial production in 2018 was below that of 2008 and the same for unemployment. The aspect of Italexit stems from the pure numbers of emissions of public debt without Euro Bonds and seems to be a linear conclusion after the crash of the internal consumption and GDP that led to unfair competition from core countries and deterioration of Italian bank system with investments & capitals more and more concentrated in core countries of the Euro. An economy based on export combined with low wages, continue to beat hard in Italy and also with the aid of many other studies in references I see no real solution.