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Italian Prime Minister to Resign, Clearing Path for Renzi
Keywords:
Matteo Renzi, recently elected chief of Italy's ruling Democratic party, is likely to be the next prime minister as current prime minister Letta resigns. Letta's administration had come under increasing criticism from business and public opinion about the slow pace of economic changes in Italy. Italy's 2 trillion debt, or about $2.7 trillion, at 130% of GDP, and the declining GDP with little or no economic growth, is a problem for the eurozone. At the current pace of economic change the IMF forecast estimates only 0.5% annual growth in GDP till 2018. Foreign direct investment 2005-2011 is about one third of the eurozone average, according to the IMF, and Italy has failed to attract foreign investment for the last two decades with its weak political system and lack of competitiveness. By comparison Spain has seen an increase in exports and increasing foreign investment as it positions itself for a recovery. The austerity measures adopted by the Monti and Letta adminstrations in 2011-2013 helped to improve confidence in capital markets and lower borrowing rates, however this is clearly not the answer to Italy's problems of slow or no growth in the economy for the last decade. This is the problem Matteo Renzi, the 39 year old Mayor of Florence, is pushing to tackle as the mood in the country calls for aggressive action. Renzi's economic advisor is Filippo Taddei, who has a doctorate from Columbia University. He says at the core the issues are about what kind of "productive identity" Italy should have. Taxation that promotes higher rates of business investment is needed to promote growth, and creating a business climate that encourages investment in human capital and new technology. Payroll and business taxes take up about two thirds of a company's earnings leaving less for investment. Renzi is planning to take the centre left Democratic party in a new direction, "the road less travelled," as he put it in a televised speech, with innovative solutions including pro-market approach. As a first step he negotiated a deal with former premier Berlusconi for electoral reforms that would give a party or coalition winning electoral support a strong mandate to make and execute policy, without being hobbled in the way previous administrations were in the post war period. Lucrezia Reichlin, former head of research at the ECB, and Lorenzo Bini Smaghi, a former member of the ECB executive council, are candidates to be the economics minister in the Renzi administration.
Reasons for optimism for Italy- 2013-2014
08/08/2011
As the budget deficits come under control and a younger generation of leaders under prime minister Letta take office there is reason for optimism for Italy.
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Austerity Might Not Work for Spain and Italy - News Analysis
New York Times 08/08/2011
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The June 2013 mayoral elections in Italy and increasing support for the centre-left Democratic party of prime minister Letta
06/11/2013
The elections in Rome and 67 other Italian cities show increasing support for the young prime minster Letta who represents a new generation in Italian politics. The party of Mr Berlusconi, and the party of Beppe Grillo fared poorly which suggests a change in Italian voter sentiment after the national elections of 2013. This also gives Letta a better chance of governing and bringing Italy out of the financial crisis.
Grouped Articles
Italian Left Bolstered by Showing in Mayoral Races
Wall Street Journal 06/11/2013
Resignations Threaten Italian Coalition
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Dealing a Blow to Berlusconi, an Italian Senate Panel Recommends His Expulsion
New York Times 10/04/2013
Italy Senate Committee Votes in Favor of Ousting Berlusconi
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‘The European Union needs Italy’ - The Washington Post
Washington Post 10/18/2013
Is Italy Facing the Stability of the Graveyard?
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WSJ intervew with Italy's prime minister Letta in Sept. 2013
09/26/2013
Letta says Angela Merkel will find her place in German history alongside leaders Adenauer and Kohl in the postwar period as pro-European leaders.
Grouped Articles
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Resignations Threaten Italian Coalition
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‘The European Union needs Italy’ - The Washington Post
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Is Italy Facing the Stability of the Graveyard?
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Rise of Young Leaders Signals a Mandate for Political Change in Italy
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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
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New York Times 10/26/2013
Italian Prime Minister to Resign, Clearing Path for Renzi
Wall Street Journal 02/14/2014
Italy at a crossroads in Feb. 2014, and Matteo Renzi's plan to "take the road less travelled."
02/14/2014
Matteo Renzi, becomes the new prime minister in Feb. 2014. Renzi and economic advisor Taddei plan to take Italy in a new direction with innovative solutions to increase business investment to grow the economy, as the mood in the country calls for solutions "now" to low or no growth.
Grouped Articles
Italian Prime Minister to Resign, Clearing Path for Renzi
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Italy's Prospective New Premier Faces Old Hurdles
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Italy's Renzi Pledges to Pay All Arrears
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Italy PM Renzi: Cabinet Has Approved Three-Year Budget Plan
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Italy Cuts Income Taxes in Effort to Boost Economy
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The government of prime minister Enrico Letta in Italy - 2013-2014
04/28/2013
Enrico Letta takes over from prime minister Mario Monti in italy after inconclusive April 2013 elections in Italy. Letta is 46 years, a former Christian Democrat and member of the European parliament. He represents the new generation in Italy and is known for his skills in building bridges and negotiating.
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Italian Prime Ministerâs Political Acrobatics
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Wall Street Journal 04/30/2013
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The Washington Post's Weymouth interviews Italy's prime minister Letta in October 2013
10/18/2013
Enrico Letta makes it clear that his mission is to put behind him the geriatric Italy where the professors are old, the politicians are old, and the old ways prevail. His mission says Letta, 47 years old, is to see the younger generation take charge in Italy. Italy takes the presidency of the European Union in the second semester 2014, and Letta is outspokenly pro-European. Credibility in financial markets and economic growth are his main priorities.
Grouped Articles
‘The European Union needs Italy’ - The Washington Post
Washington Post 10/18/2013
New York Times 10/26/2013
Italy: The Nation That Crushes Its Young
New York Times 10/30/2013
Is Italy Facing the Stability of the Graveyard?
Wall Street Journal 11/26/2013
Rise of Young Leaders Signals a Mandate for Political Change in Italy
New York Times 12/10/2013
Italian Premier’s Latest Challenge Comes From His Own Party
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Matteo Renzi, mayor of Florence, Italy and head of the Centre-Left Democratic Party in 2014
12/09/2013
Grouped Articles
Rising Star of Italian Left Ascends in Primary
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Italian Premier’s Latest Challenge Comes From His Own Party
New York Times 02/12/2014
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Italy's Prospective New Premier Faces Old Hurdles
Wall Street Journal 02/15/2014
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The rift between generations in Italy
04/19/2013
The efforts to elect 80 year old union leader Marini as president, after a private agreement between Italian political leaders Bersani and Berlusconi, exposed deep rifts in Italian politics. The younger generation in Bersani's party refused to support Marini, saying he represented an older and now discredited era.
Grouped Articles
Italy Fails to Elect President
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Italy Party Leader to Resign, Deepening Gridlock
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Opposition Leader Rallies Italians in Protest After President Is Re-elected
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Resignations Threaten Italian Coalition
New York Times 09/28/2013
Italy's lack of investment in human capital, information technology and the weak services sector leading to low productivity growth
06/24/2011
The head of Italy's statistics agency Istat, says Italy's manufacturing sector has performed quite well, but it is only one sixth of the economy. The larger services sector has suffered from a lack of investment in human capital and information technology, and is performing poorly, leading to larger expected declines in GDP than anticipated of 2.4% in 2012. There is a need to steer education in the direction of new job opportunities. This suggests that more than the changes to labor laws and related changes taken by Monti and Fornero will be needed to revive the Italian economy.
Grouped Articles
The Next First (and Only) 100 Days
New York Times 12/10/2011
Peterson and Hanushek: The Vital Link of Education and Prosperity
Wall Street Journal 09/11/2013
Italy’s train wars show the bumpy ride into competition - The Washington Post
Washington Post 10/29/2013
Italy: The Nation That Crushes Its Young
New York Times 10/30/2013
In Italy, High Payroll Taxes Stand in Way of Recovery
Wall Street Journal 11/18/2013
Italian Prime Minister to Resign, Clearing Path for Renzi
Wall Street Journal 02/14/2014
A younger generation takes over in Italy- "we are worried that time is passing, and nothing is happening." (2)
02/12/2014
The IMF estimate shows that at the current pace of economic change Italy's growth rate would remain at 0.5% till 2018. Confindustria, Italy's business association, says it is worried that nothing is happening.
Linked Articles
Italian Premier’s Latest Challenge Comes From His Own Party
New York Times 02/12/2014
Italian Prime Minister to Resign, Clearing Path for Renzi
Wall Street Journal 02/14/2014
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