The paper outlines the relevance of Graziani’s thinking concerning the effects on Italy’s Southern regions of the creation of European Monetary Union. His interpretation displayed, since the Sixties, the difficulties of growth in those areas and their dependence by the "open economy" setting that favoured more dynamical Northern Areas. Moreover the lack of national policies, aimed at removing those disequilibria, deepened the territorial divergences. Such an approach is, in our view, still convincing and reinforces, indeed, its validity even in the presence of a radical change of the context in which those reflections matured. We suggest the mechanisms underlying the "export-led-growth regional dualism" of some decade is quite similar to "crisis led dualism" of today European Monetary Union. It is not by chance, hence, that recent innovative models working on resilience and hysteresis in lagging regions begin to reassess the Graziani’s interpretation.
Keywords: Open Economy, European Monetary Union, Regional Distribution of Activities, Regional Divergence.
Jel Code: F15, F43, F45, R12