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Giorgio La MalfaSecretary-General of the Italian
Republican Party, Member of the Italian Parliament, Former Member of the
European Parliament. “The Uncertain Future of
EMU and the Euro” born Milan, Oct. 13, 1939 marr.: Daniela Lecaldano Sasso La Terza
a.: c/o Camera dei Deputati, Piazza di Monte Citorio 1, I-00186 Roma tel.:
(+39) 0667601 e-mail: lamalfa_g@camera.it home a.: Via di San Paolo alla Regola 28, I-00186 Roma educ.: 1961, degree in law, Univ. of Pavia; 1964, BA in economics, St. John's College, Univ. of Cambridge car.: 1964-66, researcher Department of Economics, Massachusetts Institute of Technology (USA); taught economics, economic policy, and monetary theory and policy, Univs. of Naples, Milan, Turin and Catania; 1972, 1976 and 1979, elected deputy with the Partito Repubblicano Italiano - PRI (Italian Republican Party); 1980-82, Minister of the Budget; 1983 and 1987, re-elected deputy; 1987-93, national secr. PRI; 1989, elected mem. European Parliament, LDR-Liberal, Democratic and Reformist Group; 1992, re-elected deputy; pres. CEEP (Study Centre for Economic Policy); political editor "La Voce Repubblicana"; 1994, re-elected to the EP; 1996, re-elected deputy with L'Ulivo (Olive Tree Alliance); May 2001, re-elected deputy with PRI - Casa delle Libertà (Italian Republican Party - House of Freedoms); at present, pres. Finance Commission in the Chamber of Deputies; secr.-gen. Istituto "Ugo La Malfa"; since Oct. 2001, pres. PRI publs.: contributions to "La Stampa" and "la Repubblica" (dailies); "Le innovazioni nella teoria dello sviluppo" (1970); "L'economia italiana dal 1974 al 1978", 3 vols. (1975, 1976, 1977); co-author "L'Italia al bivio. Ristagno o sviluppo" (1985); "Le ragioni di una svolta", Sperling & Kupfer (1992); "L'Europa legata. I rischi dell'Euro", Rizzoli (2000) mem.: Trilateral Commission; Aspen Institute. See Survey: Chamber of Deputies; Standing Commissions of the Chamber of Deputies PRI ("Partito Repubblicano Italiano" = Italian Republican Party Founded back in 1895, the PRI is the second-oldest party in Italy. It is a laical, left-liberal party, that has, however, taken part in most of the DC-led governments until 1992. In 1981-1983 Giovanni Spadolini, the leader of the party, even became Italian prime minister of a five-party coalition. Different from other parties of the old system, it was not struck so much by the scandals around 1992. However, there occurred several fissions, the products of which usually allied themselves with the center-left coalition. As being closer to the left, the remaining PRI itself allied in 1996 with the left-center coalition "L'Ulivo" of Romano Prodi. Reforming the Maastricht EMU rules for a new economic
environment For Giorgio La Malfa the changed economic conditions in Europe, with few signs of imminent economic recovery, put into question the validity of the disciplinary rules governing the single European currency. I have argued, in a number of essays and articles that it is necessary and indeed urgent to thoroughly revisit the EMU economic policy set-up. I added that the position that nothing should be done, tempting as it might appear to the ECB and the Commission, is untenable. If the recovery does not get going, the question of a more active economic policy in Europe cannot be sidestepped. The question is how. I also claimed that unless a reasonable change was prepared and enacted, a moment would come in which the Maastricht rules would crumble in a way which could prove extremely damaging to the solidity of the euro. This is exactly what is happening now.
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