Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Italy’

Salvini’s Sardine surprise

Posted by hkarner - 3. Februar 2020

Date: 30‑01‑2020

Source: The Economist

Regional elections in Italy buttress the government

Another blunder by the populist leader of the Northern League

It is probably the most famous of modern Italian political aphorisms. “Power wears out those who do not have it,” quipped the late Giulio Andreotti, a long‑serving prime minister. His words had a special relevance this week for Matteo Salvini, leader of the right‑wing Northern League, as he pondered the results of his second big miscalculation in five months. On January 26th the League’s candidate for governor failed to conquer the region of Emilia‑Romagna in a vote that Mr Salvini had touted as a referendum on whether he should lead Italy.

Mr Salvini has only been out of power since August last year. Until then he was one of two deputy prime ministers in the first cabinet of Giuseppe Conte, a technocrat; he wielded a decisive influence over policy as head of the party that has led in the polls since mid‑2018. But then he torpedoed the coalition government in a bid to force an election, hoping it would give him an outright parliamentary majority and untrammelled powers. His rivals responded by forming a new coalition without him. Den Rest des Beitrags lesen »

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Italy’s progressives had lost hope. The Sardines movement is starting to restore it

Posted by hkarner - 30. Januar 2020

Date: 29‑01‑2020

Source: The Guardian

Success in Sunday’s regional election in northern Italy showed how Salvini’s far‑right politics can be defeated

‘The independent initiative called on citizens to congregate in their local piazzas.’

Supporters of Italy’s centre‑left Democratic party (PD) breathed a sigh of relief on Sunday evening as their candidate in Emilia‑Romagna saw‑off competition from Matteo Salvini’s far‑right League to win the regional elections. That defeat here was even a prospect, though, shows just how much Italy’s political geography has changed.

Historically Emilia‑Romagna, in the north of the country, is a bedrock of communism and has had an unbroken string of leftist governments since the second world war. But the left has been losing ground since the financial crisis of 2008 – as in so much of the continent – with austerity‑stricken rural communities and provincial towns in particular drifting rightwards. Winning in the region would have been a real coup for Salvini, who took personal control of the local campaign.

His plans may have been thwarted, but there is little to suggest that Salvini is losing momentum. While the League may have failed to win over the region as a whole, it has consolidated support in some of Emilia’s major cities. Similarly, at a national level the polls still suggest Salvini’s party is well‑positioned to form a majority government in coalition with other rightwing parties, including the far‑right Brothers of Italy and Silvio Berlusconi’s Forza Italia when the opportunity arises. Such a scenario was reinforced by the results of another vote on Sunday in the poor southern region of Calabria: while the League won just 12%, it also oversaw collaboration among the other rightwing parties to snatch the territory from the incumbent PD governor. Den Rest des Beitrags lesen »

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Italy’s second city shows up the rest of the country

Posted by hkarner - 18. Januar 2020

Date: 16‑01‑2020

Source: The Economist

Once dismissed for its dullness, Milan is booming

Mariateresa giussani lives in Seregno, 28km (17 miles) outside Milan, and drives to work in the central fashion district where the company she owns, which markets school uniforms, has its offices. “Ten years ago I would leave at 7.15am to avoid the traffic,” she says. “Now, I have to be out by 6.15am. If I leave ten minutes later, it’s nose‑to‑tail all the way.”

Ms Giussani’s altered morning schedule is among the myriad side effects of a boom that has set Milan apart from the rest of Italy, still struggling to recover from the financial crisis of a decade ago, and at best plodding along on the edge of recession.

“The city is on an enormous upswing,” says James Bradburne, the Canadian‑born director of Milan’s most renowned art museum, the Pinacoteca di Brera. Between 2014 and 2018, according to the regional bosses’ federation, Assolombardo, Milan’s output grew by 9.7%—more than twice the national rate. Property prices have leapt. Stories abound of out‑of‑towners paying €400 ($446) a week to rent a single room, residents offered 50% more than they paid for properties bought four years earlier and luxury‑goods firms paying €1m a year or more for an outlet in the Galleria Vittorio Emanuele II, which links La Scala theatre to the cathedral square. Den Rest des Beitrags lesen »

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Southern Italy’s Ills Test Shaky National Coalition

Posted by hkarner - 7. Januar 2020

Date: 05‑01‑2020

Source: The Wall Street Journal

Far‑right opposition party of Matteo Salvini seeks to exploit government’s response to regional woes


Matteo Salvini criticizes Rome’s approach to problems in the South, saying it is pushing companies out of the region.

ROME—The steady decline of Italy’s South, one of Europe’s poorest regions, is emerging as a critical issue for the country’s fragile governing coalition, as banking and industrial troubles there provide a possible opening for a hard‑right party seeking to return to power.

In recent weeks, the Italian government has said it will take over an important southern bank to save it from collapse, and it is fighting to keep alive Europe’s biggest steel plant and a large factory in Naples.

Perennial discontent in the South, which hasn’t fully recovered from the last economic crisis and has scarce job opportunities, makes the region a key political battleground. Indeed, the two parties that make up the governing coalition, the antiestablishment 5 Star Movement and the center‑left Democratic Party, rely heavily on southern voters, who voted overwhelmingly for 5 Star in national elections in 2018.

The far‑right League party of Matteo Salvini, which leads the opposition and is Italy’s most popular party by far, according to opinion polls, is seeking to exploit dissatisfaction with the government’s handling of the South. Mr. Salvini has criticized Rome’s approach to the burgeoning problems there, saying it is pushing companies out of the region. He has made frequent visits to the South, where he has talked with workers who fear losing their jobs, helping increase his support there since the elections. Den Rest des Beitrags lesen »

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Germany Is Shirking Its EU Responsibilities

Posted by hkarner - 24. November 2019

Date: 23-11-2019
Source: DER SPIEGEL by Dirk Kurbjuweit

Germany used to be passionately pro-European, with the EU facilitating the country’s postwar return to the international community. These days? Not so much. And Berlin’s passivity is becoming dangerous.

German Chancellor Angela Merkel

If the Germans were once the most committed, most passionate Europeans, they are today among the most half-hearted. Despite spending decades after World War II as the greatest beneficiary of the European idea, slowly shedding its pariah status, Germany is now extremely focused on its own interests. Even worse, though, is the fact that German politicians are no longer paying much attention to Europe at all. They are simply letting things take their course, playing catch up or just standing by and watching what happens next. It’s as if they are unable to recognize what is at stake.

A battle is underway in Europe and the U.S. for the future of liberal democracy. In the U.S., that fight is primarily focused on Donald Trump. In Europe, the situation is more multifaceted and less obvious, but no less dangerous. And as the strongest economy on the Continent, Germany should be on the front lines of that fight. Instead, the country is doing nothing to carry its weight, hunkering down in the middle of Europe seemingly with no idea what to do. Den Rest des Beitrags lesen »

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Europe Is Hiring—But Its Workforce Isn’t Ready

Posted by hkarner - 31. Oktober 2019

Date: 30-10-2019
Source: The Wall Street Journal

Businesses ready to pay skilled workers can’t find enough candidates, a ‘top issue’ across the EU

Barbara Colombo sells complex machinery made at her family’s factory to businesses in 126 countries but is still having trouble convincing unemployed young Italians to get skills so they can join the workforce.

Though every third young Italian is jobless, Ms. Colombo’s Ficep SpA and other companies in this thriving industrial region near Milan are struggling to fill well-paying factory jobs. The local vocational school, because of low enrollment, had only 80 graduates when nearby companies asked for about 300 last year, she said.
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Rom verteidigt seine neue Schuldenpolitik

Posted by hkarner - 25. Oktober 2019

Finanzminister Gualtieri will mit expansiven Maßnahmen das Wirtschaftswachstum in Italien ankurbeln, heißt es im Brief nach Brüssel

Erhoffen von der neuen EU-Kommission in Brüssel Verständnis für ihre Wachstumspolitik auf Pump: Premier Guiseppe Conte und sein Finanzminister Roberto Gualtieri.

Rom/Brüssel – Die italienische Regierung von Giuseppe Conte hat mit einem Brief an die EU-Kommission auf die Bedenken Brüssels zu ihrem Haushaltsentwurf geantwortet. „Wir vertrauen darauf, dass unsere Bemühungen in Sachen Haushaltskonsolidierung und strukturelle Reformen zu einer weiteren Defizitsenkung führen werden“, schrieb der italienische Wirtschafts- und Finanzminister Roberto Gualtieri darin.

In dem Schreiben an EU-Wirtschaftskommissar Pierre Moscovici und an Kommissions-Vizepräsident Valdis Dombrovskis, das auszugsweise am Donnerstag veröffentlicht wurde, betonte Gualtieri, dass Italien Einsparungen in der öffentlichen Verwaltung in der Größenordnung von einer Milliarde Euro 2020 und von 1,2 Milliarden Euro in den Jahren 2021 und 2022 plane. Italien bemühe sich auch um eine Vereinfachung des Steuersystems.

Italien verlangt Flexibilität

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Italy sends a sensible budget to Brussels

Posted by hkarner - 18. Oktober 2019

Date: 17-10-2019
Source: The Economist

All much less confrontational now that Matteo Salvini is out of government

Purtroppo, la nostra macchinetta è guasta (“Unfortunately, our little machine is broken”) should feature in Italian phrase books, for it is an expression every shopper in Italy encounters before long. Accompanied by a glance at a supposedly sickly payment terminal, it tells the customer proffering a card that only cash will do.

Measures in Italy’s draft 2020 budget, sent to the European Commission for scrutiny on October 16th, aim to thwart this and other methods of avoiding the traceability—and taxability—of transactions. One would lower the limit for cash payments from €3,000 ($3,300) to €2,000. Another would create a lottery with prizes restricted to credit- and debit-card users. Den Rest des Beitrags lesen »

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Strafzinsen: Immer mehr Banken planen Negativzinsen für Private

Posted by hkarner - 17. Oktober 2019

Als erste Bank in Italien will die Bank-Austria-Mutter Unicredit reiche Privatkunden zur Kassa bitten. In Österreich schützt ein OGH-Urteil Sparer

Leopold Stefan, derstandard.at

Banken zahlen Milliarden an Strafzinsen an die EZB. Immer mehr Institute wollen diese Kosten auf ihre Kunden abwälzen.

Wien/Mailand – Vielen Banken brennt es längst unter den Nägeln. Im September hob die Europäische Zentralbank den Strafzins auf 0,5 Prozent an. Die EZB verlangt von Europas Geldhäusern seit fünf Jahren Zinsen für geparktes Geld. Seither lieferten die Banken über 21 Milliarden Euro in Frankfurt ab, wie eine Auswertung der Plattform Deposit Solutions berechnet. Immer mehr Finanzinstitute wollen diese Kosten in Form von Negativzinsen an ihre Kunden weitergeben.

In den meisten Fällen sind davon Unternehmen betroffen – in Deutschland etwa jedes dritte, wie eine aktuelle Umfrage ergab. Doch auch wohlhabende Privatkunden werden zunehmend zur Kassa gebeten. Nun will als erste Bank in Italien die Bank-Austria-Mutter Unicredit private Spareinlagen mit Negativzinsen belegen. Betroffen sind Kunden mit einem Vermögen von über einer Million Euro. Ähnliche Schritte haben bereits die Berliner Volksbank und die dänische Jyske Bank unternommen. Den Rest des Beitrags lesen »

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Matteo Renzi’s split leaves Italian politics in turmoil again

Posted by hkarner - 19. September 2019

Date: 18-09-2019
Source: The Economist

The former prime minister pledges loyalty to the government—for now

THE SWEARING-IN this month of a government yoking the populist Five Star Movement to the centre-left Democratic Party (PD) was a big relief to investors in Italy’s volatile government debt and to others with a stake in the country’s political stability. Among other things, the new alignment promised to keep the Northern League, a Eurosceptic, nativist party led by Matteo Salvini, out of office until 2023 when the next general election is due.

But on September 17th Italian politics were once more cast into commotion. Matteo Renzi, prime minister for almost three years until December 2016, announced he was leaving the PD to form a separate parliamentary caucus. That appeared to be his first step towards the foundation of a new centrist party along the lines of La République En Marche in France and Ciudadanos in Spain.

Mr Renzi called the incumbent prime minister, Giuseppe Conte, to assure him his nascent group would continue to support the government. And it was soon apparent that a majority of Mr Renzi’s followers in parliament intended to stay in the PD. Until now, he has been able to count on the loyalty of more than half the party’s 111 deputies and 51 senators. Yet only about 20 in the lower house and ten in the upper were reportedly prepared to join him. Pollsters mused that, in an election, Italia Viva (the name of the new grouping) would scrape only 3-8% of the national vote. Den Rest des Beitrags lesen »

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