I meccanismi di funzionamento dell’UEM: profili di criticità

Starting out from the overview of corrective measures adopted by the European Central Bank during the recent financial and sovereign debt crisis, this paper sets out to examine the main criticisms of ‘stabilization mechanisms’ introduced in the economic governance of the EU. Considering the non-standard measures implemented by the Eurosystem to alleviate the tensions of banks’ funding conditions, the analysis addresses the major questions regarding the ‘Securities Markets Programme’ modus operandi. In particular, this paper underlines the need to achieve a stronger coordination of economic policies and regulatory convergence between Member States.