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Monti Says He Regrets Berlusconi Remark
Keywords:
Prime minister Mario Monti responded with humor to the remark of former prime minister Berlusconi before the June 2012 summit of European leaders that he could unplug the Monti government, by saying that his government was not a home appliance. In August Monti's long intervew with the Wall Street Journal is published in which he says the Italian bond spreads with German bonds would be 1200 or something if Berlusconi was still running the government. Angelinia Alfano, of Berlusconi's party, the People of Freedom party, calls this "nonsensical" and the parliamentary whip calls this a "stupid provocation." WSJ's Alessandra Galloni intervewed the Italian premier. Monti's office says he called Berlusconi saying he regretted the "banal and abstract extrapolation of a trend in spread values, which was included in a wide ranging interview with the WSJ, was taken as a political consideration, which was not at all the intention."
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Italy's Monti Hopes Summit Win Plays at Home
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Italian Prime Ministerâs Political Acrobatics
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Italian Left Bolstered by Showing in Mayoral Races
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Mario Monti, prime minister of Italy, and his letter to the Journal defending labor reforms
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Italy's Labor Reforms Are Serious and Will Be Effective
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Europe's Reform Pact Means Little
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Monti's Mounting Italian Challenge
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Short term actions to save the euro taken at the Brussels negotiations on June 28, 2012
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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.
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Italy's Monti Hopes Summit Win Plays at Home
Wall Street Journal 06/29/2012
Global Markets Soar on European Breakthrough
New York Times 06/29/2012
Return of Long-Term Bond Buyers Seen as Crucial to Europe
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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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Euro Strengthens as Fears Fade
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Italy's culture of tax evasion and the cost to the economy
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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.
Grouped Articles
Amid crisis, Italy confronts a culture of tax evasion - The Washington Post
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Italy Plan Opens Pivotal Week for Euro
Wall Street Journal 12/05/2011
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Italy Tries to Raise the Social Stigma on Tax Evasion
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Deepening Crisis Over Euro Pits Leader Against Leader
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French presidential campaign ends with Sarkozy trailing - The Washington Post
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New York Times 05/10/2012
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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..
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ECB Moves Markets, Not Economy
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ECB Struggles With Low-Altitude Flying
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Euro Strengthens as Fears Fade
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Bonds of Italy, Spain Narrow Gap With U.S., German Yields
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E.C.B. Plots Strategy for Staving Off Deflation
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Italy Central Banker Is Open to 'Bad Bank'
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Italian Workers Strike Against Austerity Measures
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Top Banker Is Quick to Make His Mark
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04/01/2009
An account of the key players and the ufolding of critical events in the IPO offering for Bankia, and the unraveling of the bank in the months that followed, as the Spanish regulators and government failed to get a handle on problems and instead put their hope on an improving economy. On May 3, Mario Draghi warned about the problems at Bankia in Barcelona. On May 4, the heads of Spain's largest banks BBVA, Banco Santander and Caixa, told the government it had to takeover Bankia, setting in process the events leading upto the acceptance of $125 billion in EU aid to recapitalize Spain's banking system. Bankia was put together from seven failing cajas savings banks. The problems related to the housing bubble are seen throughout the cajas savings banks.
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Spanish Banks More Vulnerable Than Italy's
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The Pain in Spain Falls Mainly on the Cajas
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Spain's Bankia Returns to Profit
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Resignations Threaten Italian Coalition
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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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Transcript: Italy's Labor Minister On Reforms
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Italy Approves Labor Law Overhaul
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Avoiding an Italian Bailout Isn't Just About the Numbers
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France and Italy's push for a new Eurozone Architecture
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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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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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A Proud Nation Ponders How to Halt Its Slow Decline
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After a Recession in Portugal, the Tiny Green Fruits of Success
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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%
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German Court to Weigh Bond Buying by E.C.B.
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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
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As Bond Markets Twist, Investors Shout
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Wall Street Journal 06/10/2014
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.
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Europe Bonds May Offer More Value
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Wall Street Journal 01/12/2013
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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Italy's Mario Draghi, as the new president of the ECB
04/20/2011
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Bonds of Italy, Spain Narrow Gap With U.S., German Yields
Wall Street Journal 04/09/2014
Italian Gains Support in Central Bank Race
Wall Street Journal 04/20/2011
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Wall Street Journal 04/27/2011
German Paper Finds Draghi Not So Bad After All
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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
Grouped Articles
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European Central Bank Head, Draghi, Has New Powers
New York Times 07/02/2012
A New Generation Tackles the Euro Crisis
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Wall Street Journal 02/24/2012
Q&A: ECB President Mario Draghi
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Silvio Berlusconi and Italy
06/11/2011
Grouped Articles
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Dealing a Blow to Berlusconi, an Italian Senate Panel Recommends His Expulsion
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Italy Senate Committee Votes in Favor of Ousting Berlusconi
Wall Street Journal 10/06/2013
Berlusconi Ordered to Stand Trial on Bribery Charges
Wall Street Journal 10/24/2013
Italy’s Berlusconi Convicted in Bribery Case
Wall Street Journal 07/08/2015
Berlusconi's legacy: The cavaliere and the cavallo
Economist 06/11/2011
The Monti interview with the WSJ's Alessandra Galloni on Italy and the Eurozone
08/06/2012
Italy's prime minister Mario Monti is interviewed by the WSJ's Alessandra Galloni following the June 28 summit of European leaders.
Linked Articles
Mario Monti: Interview Excerpts
Wall Street Journal 08/06/2012
Monti Says He Regrets Berlusconi Remark
Wall Street Journal 08/07/2012
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