Quale posto per Keynes nella costituzione monetaria multilivello?

With the creation of the Euro, the Eurozone States have abandoned control over those that traditionally were considered the monetary and financial policy tools, especially useful in case of asymmetric shocks. The current excessive macroeconomic imbalances between the Euro area Member States, however, make it clear that to date, the definitive step towards a European level of effective governance of such dynamics has not yet been achieved by the creation of an appropriate apparatus of institutional tools of the European currency that can provide a rapid and lasting stability response to the system. The ECB, however, with the decisive action of its current President Mario Draghi, has opened up new and surprising European monetary policies that are strongly expanding the role assigned by the Treaties, by questioning the doctrine, but also the Courts, about the legal legitimacy of some of these choices. The potential evolutionary scenarios of European monetary policies and the links between monetary, financial, fiscal and multilevel market forces (but also structural reforms within the Member States) remain to be investigated in the background to see if, and to what extent, there are still some spaces for Keynesian policies, and to what extent are they still possible.