La riforma delle regole fiscali in Europa: nessun “Hamiltonian moment"

The European Commission's proposal to reform the Stability and Growth Pact (SGP) is an attempt to address its most criticized shortcomings without changing its paradigm. Proof of this is the maintenance of the parameter – more than ever anachronistic, today – of 60% of the debt/GDP ratio, together with the absence of any reference to the "golden rule" on public investments and the stabilization of European debt issuances started with the Next Generation EU. After a critical overview of the events ranging from the establishment of the SGP in 1997 to its suspension in 2020, the article analyzes the risks for Italy of the ongoing reform and carries out a broader reflection on the problematic connection between two dimensions of the EU: that of the exaltation of the Rule of Law and the ban of discriminations and that of the unevenness and opacity of intergovernmental negotiations, strongly influenced by market reactions and the ECB’s choices.