A proposito di debito pubblico europeo: riflessioni keynesiane sull’ “ortodossia della virtù”
The European public debt: keynesian reflections on the "orthodoxy of virtue"

Summary/Abstract: The paper connects the eurobonds issue to the political aspects of the current eurozone crisis. It firstly emphasizes that the possible future issuance of Eurobonds, or the refusal to do so, represent signs of the emergence of cooperative or, alternatively, non-cooperative behaviors among Eurozone countries. Such a dichotomy, in turn, appears as a clear proof of the political roots of the crisis. Accordingly to this perspective, the persistent demand for a full European political integration as the decisive step out of the crisis is reviewed by analyzing a list of works, particularly the conclusions of the Reflection Group on the future of the European Union and the concluding remarks of the Governor of the Bank of Italy. The authors sadly note the close similarity between the kind of problems raised by the above contributions and the observations by John Maynard Keynes on the blindness of European countries’ Heads of governments at the time of the Paris peace agreement at the end of the World War I. Once again, the political cooperation among European countries, at the present time eurozone member States, turns out to be the ultimate solution to the existing problems.

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