italy cabinet good for economy
Monday 7 July 2025
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Italy cabinet good for economy

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Italy cabinet good for economy

Rome - AFP

Italian Prime Minister Mario Monti's new technocratic government has a "unique opportunity" to reform a sluggish economy and pull the country back from the brink but faces major political risks. "This is a unique opportunity for Italy to enact reforms it has not carried out in recent years," Marco Valli, an economist at UniCredit Bank, told AFP. Gianluca Spina, director of the MIP business school in Milan, agreed, saying: "It's on the right track. These are very competent people." For pension reform -- one of the most sensitive items on Monti's to-do list -- the new Social Affairs Minister, Elsa Fornero, is a leading expert. Fornero can be expected to put in place "incisive reform, not a walk in the park," said Valli, pointing out that pension reform had long been blocked by the Northern League in Silvio Berlusconi's outgoing government. Another appointment welcomed by analysts was that of Corrado Passera, the head of Italy's biggest retail bank, Intesa Sanpaolo, who will head up a new super ministry for economic development, infrastructure and transport. Passera will have the task of boosting Italy's anaemic growth rate. The banker "knows the financial markets very well", said Spina, following a wave of market panic that has pushed up Italian borrowing costs to alarming new levels and brought the country to the brink of a financial disaster. The appointment of Antonio Catricala, currently head of the Italian competition authority, as secretary of state to the prime minister -- effectively Monti's right-hand man -- has also been approved. "But the issue is not whether these people are good but whether they will have the support from parliament," said Spina, after Monti warned that Italians face "sacrifices" ahead and the EU asked for more budget austerity. After trying to include squabbling political representatives in his cabinet to guarantee parliamentary support, Monti said he had been forced to give up. "During my consultations I reached the conclusion that the non-inclusion of politicians in my government will actually help it," he said. The 68-year-old has said he wants the government to stay in power until the end of the current legislature in 2013 and said this would guarantee its "ability to act incisively" and to "explain to citizens and to parliament the meaning" of reforms. Spina said, however, that Monti would only survive if he carried out reforms that are equally disliked by the right and the left in "a balancing act". "If he imposes a tax on large assets, which is opposed by the right, he will also have to adopt austerity measures or a reform of pensions that the left would not want," Spina said. The danger is that parties could decide to "pull the plug" on the government -- a term reportedly used by Silvio Berlusconi -- if initial reforms passed by Monti fail to calm the markets. "It is the great risk to avoid -- thinking that we are out of an emergency once a small portion of the reforms are enacted," Valli said. The Monti government also has a problem with "popular support", Spina said. While there has been support in early opinion polls, detractors like the Northern League party have accused the government of not having democratic support. The solution, Spina said, would be for the government to enact reforms to "reduce dramatically the privileges of the political class". The danger, warned sociologist Giuseppe De Rita, is that "the street could be stirred up" and facilitate the emergence of a populist firebrand.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

italy cabinet good for economy italy cabinet good for economy

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

italy cabinet good for economy italy cabinet good for economy

 



GMT 09:54 2018 Wednesday ,24 January

'Friendly and kind' N. Korean skaters

GMT 16:01 2012 Thursday ,04 October

Yemen\'s Shaema, Aziz reign supreme

GMT 04:24 2018 Monday ,22 January

UN appeals for nearly $3 bn to save

GMT 20:07 2012 Friday ,09 November

Djokovic:Rivalry with Murray is one for the ages

GMT 21:37 2011 Friday ,23 September

Humour in Hitler\'s Germany

GMT 06:54 2017 Sunday ,26 February

Moroccan Actor Mohammed Hassan Al-Jundi Dies at 79

GMT 22:58 2017 Friday ,05 May

Emir and President of Poland Hold Joint Press

GMT 12:26 2018 Tuesday ,09 January

Twenty attacks foiled in France 2017

GMT 06:36 2017 Sunday ,19 March

Israeli Army bombs northern Gaza Strip

GMT 18:06 2017 Thursday ,02 November

MBRSG wraps up Arab Leadership and Government

GMT 07:03 2015 Saturday ,26 September

Emirates Palace Spa among big winners of World Awards
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice