European fiscal policies that are too soft are also a problem for Italy

The rules of fiscal responsibility – even more if at a supranational level – are one of the few shields we have against the excesses, presumption, approximation and performance anxiety of power

And two. After the change of course of monetary policy at European level, and not only, fiscal policy is also preparing to return to normal. The deadline for the suspension of the fiscal rules of the Stability and Growth Pact (January 2024) is approaching and the European Commission has already put forward a proposal to reform those same rules to be submitted for examination by the Council and the European Parliament. The debate is ongoing and seems mostly to concentrate – understandably – on the implications for individual member countries and for the Union of the Commission’s proposals. Much less, however, on why we find ourselves today, thirty years after the Treaty of Maastricht (1992), discussing for the fifth time where and how to modify that architecture. And discussing it is not irrelevant.