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Italian's Job: Premier Talks Tough in Bid to Save Euro
Keywords:
The WSJ's Alessandra Galloni speaks with Mario Monti, the Italian premier, for in-depth interviews. Here Galloni and Walker provide an account of what happened during and after the June 28, 2012 summit of European leaders. Monti described the comments of ECB president Draghi in early August- about ECB buying of bonds of Italy and Spain being within the mandate of the ECB if monetary transmission channels were not working properly to reduce yields- as a bold effort following the agreement made at the June 28 summit to support Italy and Spain. Monti expressed the idea that Draghi should feel morally and politically justified if and when he makes the bold moves to rescue the euro. The only problem he says is whether one has to wait till the night before the euro is about to disintegrate for this to happen. This is the first time Monti has publicly expressed the possibility of this happening.
Actions taken by the Italian government of Mario Monti to improve competitiveness in 2011-2013
01/19/2012
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From Taxis to Tolls, Italy Seeks Competition Push
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The Rest of Europe vs. Germany
New York Times 02/16/2012
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Foreign Affairs 02/14/2012
Wall Street Journal 03/27/2012
Italy's Labor Reforms Are Serious and Will Be Effective
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France and Italy's push for a new Eurozone Architecture
05/23/2012
France and Italy's push is for improved financing of growth projects, coordination of monetary policy with budgets and fiscal situation of eurozone states, and mapping out a pathway that leads to joint issuance of eurobonds. French officials in the Hollande administration say the lack of this architecture is the cause of many of today's problems. Prime minister Monti of Italy played a key role in pushing for the changes at meetings in Rome and Brussels in June 21-27, 2012.
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The Man Whoâll Do Triage on Europeâs Banks
New York Times 10/20/2013
France to Press for New Euro-Zone Architecture at EU Summit
Wall Street Journal 05/23/2012
Euro Crisis Calls for Mix of Moves
Wall Street Journal 05/26/2012
In test for Europe, Ireland votes on fiscal treaty - The Washington Post
Washington Post 05/31/2012
Germany Open to Deal on Pooling Euro Debt, With Limits
New York Times 06/04/2012
Why the Bailout in Spain Won't Work
New York Times 06/11/2012
Italian prime minister, Mario Monti, on why the European Union will endure regardless of the outcome in Greece
02/10/2012
Mario Monti tells the editors of the New York Times in an interview, that the EU will endure because it was in the interests of Germany. Competitive devaluations if countries left the EU would have an enormous harmful impact on Germany. Germany send two thirds of its exports to EU countries. Monti says even if Greece were to exit the euro the EU will endure. The vision of a united Europe continues to shape its politics.
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Italy's Monti Hopes Summit Win Plays at Home
Wall Street Journal 06/29/2012
Italian Prime Ministerâs Political Acrobatics
New York Times 04/28/2013
Italian Left Bolstered by Showing in Mayoral Races
Wall Street Journal 06/11/2013
‘The European Union needs Italy’ - The Washington Post
Washington Post 10/18/2013
New York Times 05/22/2014
Italyâs Leader Is Optimistic About Greece and Euro
New York Times 02/10/2012
Mario Monti, as head of the new Italian government in November 2011
11/10/2011
Former European Commissioner, Mario Monti, is the top candidate to head the new administration in Italy.
Grouped Articles
Italy's Monti Hopes Summit Win Plays at Home
Wall Street Journal 06/29/2012
Italian Prime Ministerâs Political Acrobatics
New York Times 04/28/2013
‘The European Union needs Italy’ - The Washington Post
Washington Post 10/18/2013
Italy Front-Runner Seen as Political Outsider
Wall Street Journal 11/11/2011
Rome Plan for Growth Garners EU Praise
Wall Street Journal 11/11/2011
Can Italy Put Berlusconi Behind It?
New York Times 11/10/2011
Mario Monti's Labor Minister Elsa Fornero and changes to Italy's labor laws
06/24/2011
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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New York Times 09/25/2011
Departing EADS Chief Urges Europe to Recommit to Industry
New York Times 04/12/2012
Italy Official Seeks Culture Shift in New Law
Wall Street Journal 06/27/2012
Transcript: Italy's Labor Minister On Reforms
Wall Street Journal 06/26/2012
Italy Approves Labor Law Overhaul
Wall Street Journal 06/27/2012
Avoiding an Italian Bailout Isn't Just About the Numbers
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The focus on competitiveness by economists, credit ratings agencies, and European leaders as austerity measures alone won't work
02/05/2011
Mario Monti focusses on the need for investing in the economy in an interview with German newspaper Die Welt during a January 2011 visit to Berlin. S&P economists and Nobel winner Stiglitz also emphasize this after a downgrade of France's credit rating- the need for improved competitiveness for the economies of France, Spain Portugal and Italy.
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New York Times 09/25/2011
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New York Times 12/10/2011
A Proud Nation Ponders How to Halt Its Slow Decline
New York Times 08/24/2013
After a Recession in Portugal, the Tiny Green Fruits of Success
New York Times 08/28/2013
France Says It Will Miss Budget Deficit Targets
Wall Street Journal 09/12/2013
ECB president Mario Draghi's remarks to calm financial markets on July 23, 2012 as the yield on Spain's government bonds reaches 7.5%
07/26/2012
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German Court to Weigh Bond Buying by E.C.B.
New York Times 06/10/2013
Europe Bonds May Offer More Value
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Euro Strengthens as Fears Fade
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Bonds of Italy, Spain Narrow Gap With U.S., German Yields
Wall Street Journal 04/09/2014
As Bond Markets Twist, Investors Shout
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Wall Street Journal 06/10/2014
Italy's Mario Draghi, as the new president of the ECB
04/20/2011
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ECB Moves Markets, Not Economy
Wall Street Journal 05/03/2013
Bonds of Italy, Spain Narrow Gap With U.S., German Yields
Wall Street Journal 04/09/2014
Italian Gains Support in Central Bank Race
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Paris Backs Italy's Draghi as Europe's Central Banker
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German Paper Finds Draghi Not So Bad After All
New York Times 04/29/2011
Trichet to Leave a Difficult Legacy at Central Bank
New York Times 05/31/2011
A younger generation of leaders takes over at the European Central Bank under Mario Draghi
01/12/2012
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New York Times 10/20/2013
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ECB's Chief Warns Situation Is 'Very Grave'
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Wall Street Journal 02/24/2012
Q&A: ECB President Mario Draghi
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Maria Dolores de Cospedal, president of the Castilla-La Mancha region and Spain's struggle for "cleaned up accounts"
07/22/2010
A 27% unemployment rate and GDP declline at annual rate of 3.1% by June 2012 in Castilla-La Mancha create difficult conditions. Cospedal is the senior leader in the Partido Popular after prime minister Mariano Rajoy. She says she wants growth and employment, but her first priority is to have "cleaned up accounts" so that Spain's borrowing costs can be brought down. Lack of credible finances in the regions are a major problem in Spain recognized by all sides, but the drive to reestablish credibility comes at a time of rising unemployment.
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Europe's Recession Sparks Grass-Roots Political Push
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A Spanish Leader Emerges as a Crusader for Austerity
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Spain Delays Plan to Ease Financing for Ailing Regions
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Euro Zone Eases Budget Demand on Spain
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In Spain, a Symbol of Ruin at an Airport to Nowhere
New York Times 07/18/2012
Actions taken by Spain's government of Mariano Rajoy to improve the competitiveness of the economy- 2012-2014
02/08/2012
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Spain Emerges From Recession but Sees More Austerity Ahead
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Departing EADS Chief Urges Europe to Recommit to Industry
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Fiat's effort to revamp its operations in Italy 2010-2014
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Sergio Marchionne is implementing a program to revamp Fiat's Italian operations to improve productivity and redesign factories to use less labor. Marchionne secured labor unions acceptance for new work rules by shifting some operations to Serbia. Efficiency is higher at Fiat's Polish plant which produces cars with fewer workers than Fiat's Italian plants.
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Fiat Chief Retools Italian Car Maker
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Trade Deal Drives Exports of Korean Cars to Europe
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Efforts by the government of prime minister Mario Monti to open up guilds and professional sectors
01/20/2012
Efforts by the Monti government to issue more taxi licenses, pharmacy licenses and introduce competition in professional and other sectors protected from competition.
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Monti's Mounting Italian Challenge
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Innovative ways to recapitalize banks and reduce government debt in Italy in 2012
07/13/2011
Italian banks exchange Italian government bonds for government properties, which they lease back to the government. The banks use the properties as collateral for loans from the ECB, and Italy's government retires the bonds and reduces the debt load. This is part of new legislation passed in the Italian parliament under Mario Monti in Dec. 2011.
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Spanish Banks More Vulnerable Than Italy's
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Italy Central Banker Is Open to 'Bad Bank'
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Italy Agrees on Fund to Support Battered Lenders
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Just Don't Call It a 'Bailout'
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Euro-Zone Banks Tap Big ECB Loans
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Staring Into the ECB's Mini Bazooka
Wall Street Journal 12/21/2011
Italy's culture of tax evasion and the cost to the economy
11/25/2011
One estimate of the loss to the Italian Treasury from tax evasion- through underreporting of income from plumbers to real estate agents and large property owners and other forms of tax evasion- is $340 billion. With the deepening economic crisis the sense of what this is costing the country is beginning to sink in. About 73% of Italians now support the fight against tax evasion being led by the new government of Mario Monti, the former European commissioner. The loss is not only to the Treasury and ability to balance the budget without deficits, this also burdens companies and reduces capital needed for investments in plant, new equipment, and R&D, which create jobs.
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Amid crisis, Italy confronts a culture of tax evasion - The Washington Post
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Italy Plan Opens Pivotal Week for Euro
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Italy Tries to Raise the Social Stigma on Tax Evasion
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Washington Post 12/27/2011
Deepening Crisis Over Euro Pits Leader Against Leader
Wall Street Journal 12/30/2011
Mario Monti, prime minister of Italy, and his letter to the Journal defending labor reforms
04/07/2012
Grouped Articles
Italy's Labor Reforms Are Serious and Will Be Effective
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Europe's Reform Pact Means Little
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Wall Street Journal 04/26/2012
Monti's Mounting Italian Challenge
Wall Street Journal 06/11/2012
Why Monti, despite Merkel, could prove the euro’s best hope - The Washington Post
Washington Post 06/24/2012
Wall Street Journal 06/26/2012
Short term actions to save the euro taken at the Brussels negotiations on June 28, 2012
01/11/2012
Short term steps Germany agreed to when pushed hard by Italy, Spain and France, include the critical actions to let the European rescue funds to directly buy Italian and Spanish bonds on private markets to drive down bond yields, and provide direct aid to Italian and Spanish banks. The two steps were vital to restore market confidence and necessary if the European project was to be saved. The marathon negotiation stetched for 14 hours with brinksmanship, and were described by prime minister Monti of Italy as "hard and tense" but worth it.
Grouped Articles
Italy's Monti Hopes Summit Win Plays at Home
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Global Markets Soar on European Breakthrough
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German Election Overturns Political Order
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Italy Leader, Monti, Tells Germany Austerity Isn't Enough
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The movement towards a growth compact for the EU after the presidential election in France in April 2012
05/03/2012
Mario Monti put it best when he said he could visualize a situation where a country has improved its competiiveness and fiscal balance but cannot find consumers to buy its goods.
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Italian Prime Ministerâs Political Acrobatics
New York Times 04/28/2013
Election Heralds Power Shift in Alliance With Germany
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French presidential campaign ends with Sarkozy trailing - The Washington Post
Washington Post 05/06/2012
Europe Moving Toward Small Steps to Promote Growth
New York Times 05/10/2012
In test for Europe, Ireland votes on fiscal treaty - The Washington Post
Washington Post 05/31/2012
Amid crisis, leaders of Germany, France, Italy and Spain meet in Rome - The Washington Post
Washington Post 06/22/2012
How Mario Draghi, ECB president, sees the problems in the eurozone and policy direction in 2012-2015
01/11/2010
A wide ranging interview with Mario Draghi by Wall Street Journal reporters Blackstone, Karnitschnig and Thomson, which gives insights on how Draghi sees solutions to the crisis in the eurozone and future policy. Draghi favors good fiscal consolidation which combines freeing up labor markets and structural changes for Italy, Spain and other southern countries, with spending reductions, and capital investment in the future as opposed to tax increases for current spending and lack of capital investment for future growth. He points out that with excessive debt to GDP ratios there is no alternative to this right kind of fiscal consolidation. The fiscal consolidation gives the structural changes time to be put in place..
Grouped Articles
ECB Moves Markets, Not Economy
Wall Street Journal 05/03/2013
The Man Whoâll Do Triage on Europeâs Banks
New York Times 10/20/2013
ECB Struggles With Low-Altitude Flying
Wall Street Journal 11/10/2013
Euro Strengthens as Fears Fade
Wall Street Journal 01/12/2013
Bonds of Italy, Spain Narrow Gap With U.S., German Yields
Wall Street Journal 04/09/2014
E.C.B. Plots Strategy for Staving Off Deflation
New York Times 05/26/2014
Mario Draghi, head of the ECB, and the eurozone crisis with Italian bond yields approaching 8% in Dec. 2011
11/10/2011
Draghi addresses the issue of large scale purchases of bonds of Italy and Spain to ease pressure on bond yields, by leaving open the possibility of action if the EU countries take the necessary steps for a strict budgetary framework.
Grouped Articles
Return of Long-Term Bond Buyers Seen as Crucial to Europe
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German Court to Weigh Bond Buying by E.C.B.
New York Times 06/10/2013
Europe Bonds May Offer More Value
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Euro Strengthens as Fears Fade
Wall Street Journal 01/12/2013
Bonds of Italy, Spain Narrow Gap With U.S., German Yields
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As Bond Markets Twist, Investors Shout
Wall Street Journal 06/10/2014
Italy- government debt, credit ratings, and borrowing costs 2010-2013
05/14/2010
Italy's borrowing costs went up to 5.7% a week after the July 22, 2011 eurozone debt deal for Greece.
Grouped Articles
Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
Italian Vote Turns in Bonds' Favor
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Italy Urged to Resist a Relapse in Spending
Wall Street Journal 05/03/2013
Wall Street Journal 05/14/2010
Europe Bonds May Offer More Value
Wall Street Journal 08/23/2013
The Key to Italy's Rating Is Kept in Canada
Wall Street Journal 11/02/2013
Spain- debt, credit ratings, and borrowing costs 2011-2014
01/04/2011
Bond yields for Spanish government bonds in 2011-2014.
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Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
Europe Bonds May Offer More Value
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New Spanish Budget Free of Austerity Measures
New York Times 09/27/2013
Netherlands Loses Triple-A Rating, Spain Outlook Raised
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Bonds of Italy, Spain Narrow Gap With U.S., German Yields
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Competitiveness of Spain- lessons from the German experience of labor-industry and government cooperation 2000-2010
10/28/2006
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The Next First (and Only) 100 Days
New York Times 12/10/2011
Germany's Secret Economic Weapon: a Vast Export Network
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Spain Plans to Burn Its Bridges to Keep Vacationers on the Job
Wall Street Journal 02/08/2012
Departing EADS Chief Urges Europe to Recommit to Industry
New York Times 04/12/2012
Volkswagen Finds Big Upfront Costs Savage Its Profit - WSJ.com
Wall Street Journal 10/28/2006
Wall Street Journal 07/16/2012
Spain's labor laws and high unemployment
01/01/2011
Grouped Articles
Spanish Job Market May Be Turning Around
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Spain’s Unemployment Declines in 2014
Wall Street Journal 01/05/2015
In New High, Spain's Jobless Rate Nears 23%
Wall Street Journal 01/28/2012
Spain Approves Changes to Labor Policy
New York Times 02/10/2012
Spain faces unemployment pain after embracing austerity in European crisis - The Washington Post
Washington Post 02/19/2012
Wall Street Journal 02/24/2012
Competitiveness of Italy- lessons from the experience of Germany with labor-industry and government cooperation 2000-2010
10/28/2006
The "kurzarbeit" program in Germany and lessons for the erurozone.
Grouped Articles
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New York Times 12/10/2011
Italy’s train wars show the bumpy ride into competition - The Washington Post
Washington Post 10/29/2013
Germany's Secret Economic Weapon: a Vast Export Network
Wall Street Journal 11/19/2013
Bayer: Pressure on Prices Has Bad Side Effects
Wall Street Journal 02/07/2012
Departing EADS Chief Urges Europe to Recommit to Industry
New York Times 04/12/2012
Can Italy Find Its Way? Resistance to Change Means Slow Recovery
Wall Street Journal 04/30/2014
Italy's labor laws and the impact on business activity
06/11/2011
Most businesses remain small fearing the risks of taking on new employees because of labor laws that make it very difficult to layoff employees. The president of a large Italian construction company, Condotte, says it is easier to separate from his wife than layoff an employee in Italy.
Grouped Articles
Can Italy Find Its Way? Resistance to Change Means Slow Recovery
Wall Street Journal 04/30/2014
The Secret Behind Italy’s Favorite New Film
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BusinessWeek 11/16/2011
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Foreign Affairs 02/14/2012
Wall Street Journal 02/24/2012
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