The process of European integration is at a turning point. Recent discussions about the future of monetary union seem to suggest that progress towards further deepening of the European Union may be in question and that more than one model of Europe may develop in the future. It is against this background that an answer to the question this article asks should be sought. To keep up with the next phase of European integration, Italy – like all the other members of the EU, both current and future – is asked to undertake relevant adjustment policies producing heavy costs in the short run in exchange for expected future benefits. […]

Originally [2] published in the issue Vol. 31, No. 2, April-June 1996, p. 17-35