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Italy's Leader Calls Economic Efforts "a Very Tough War"
Keywords:
Speaking at the annual meeting of Italy's banking association on July 11, 2012, prime minister Mario Monti calls the struggle he is leading to change the economic performance of Italy, and especially against structural vices in the economy, "a very tough war." He added that the plan to reduce Italy's borrowing rates with the agreement to use the ESM or EFSF, the EU's rescue fund, "must be consolidated both in its substance and the way it is communicated." Bank of Italy governor, Ignazio Visco, said the spread between Italian and German bonds and the borrowing rates approaching 7% for Italy compared to about zero for Germany and France, were "far above what would be justified by the fundamentals of our economy." Deputy finance minister, Vittorio Grilli, is taking over the role of finance minister which Monti had assumed earlier. Monti will lead a new economic and financial policy committee which includes Mr. Grilli and development minister Corrado Passera.
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Amid crisis, Italy confronts a culture of tax evasion - The Washington Post
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Elsa Fornero says Italy is not a place where people follow the rules, and there is a strong tendency to rig the system to tweak it in different places to benefit different groups. The last 10 goverments have failed to tackle the Workers Law put in place after the Second World War, which is out of place in today's economy. Which is why the changes she has made are so significant for Italy to regain its competitiveness and its potential, and modernize its economy. This is also one of the major positive outcomes of the current eurozone crisis. Spain has launched a similiar effort. It involves a culture change which would increase productivity and investment. It also shows that while the Merkel Christian Democrats may need to adjust the austeity programs to promote growth, some of the structural changes pushed in Europe including the formation of the Monti government are finally on the right track.
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Italy- government debt, credit ratings, and borrowing costs 2010-2013
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Italy's borrowing costs went up to 5.7% a week after the July 22, 2011 eurozone debt deal for Greece.
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The leadership exercized by Mario Monti in Italy and supported by all Italians offers one of the best hopes for the Euro. The efforts of the mild mannered professor of political economy from Bocconi University in Milan.
Linked Articles
Italy's Leader Calls Economic Efforts "a Very Tough War"
New York Times 07/11/2012
Why Monti, despite Merkel, could prove the euro’s best hope - The Washington Post
Washington Post 06/24/2012
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