Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘M5S’

The Italian Economy’s Moment of Truth

Posted by hkarner - 11. Juni 2018

Michael Spence, a Nobel laureate in economics, is Professor of Economics at NYU’s Stern School of Business, Distinguished Visiting Fellow at the Council on Foreign Relations, Senior Fellow at the Hoover Institution at Stanford University, Advisory Board Co-Chair of the Asia Global Institute in Hong Kong, and Chair of the World Economic Forum Global Agenda Council on New Growth Models. He was the chairman of the independent Commission on Growth and Development, an international body that from 2006-2010 analyzed opportunities for global economic growth, and is the author of The Next Convergence – The Future of Economic Growth in a Multispeed World.

Unlike many other European countries, Italy still has not restored economic growth to its pre-crisis level – a fundamental failing that lies at the heart of many of its political problems. Now that a new anti-establishment government is taking power, it remains to be seen if the economy will be remade, or broken further.

MILAN – Italy and Europe are at an inflection point. After an election in March in which the anti-establishment Five Star Movement (M5S) and the far-right League party captured a combined parliamentary majority, followed by months of uncertainty, Italy has become the first major EU member state to be governed by a populist coalition.

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Italy’s Slow-Motion Euro Train Wreck

Posted by hkarner - 3. Juni 2018

Nouriel Roubini, a professor at NYU’s Stern School of Business and CEO of Roubini Macro Associates, was Senior Economist for International Affairs in the White House’s Council of Economic Advisers during the Clinton Administration. He has worked for the International Monetary Fund, the US Federal Reserve, and the World Bank.

Brunello Rosa is co-founder, CEO, and head of research at Rosa & Roubini Associates, and a research associate at the Systemic Risk Centre at the London School of Economics.

Financial markets have finally woken up to the fact that Italy could soon be ruled by a populist government with designs to take the country out of the eurozone. And, given Italy’s tepid economic performance since adopting the single currency a generation ago, there is little reason to think that the current crisis is a one-off event.

NEW YORK – The possibility of a populist, Euroskeptic government coming to power in Italy has focused investors’ minds like few other events this year. The yield differential, or spread, between Italian and German bonds has widened sharply, indicating that investors view Italy as a riskier bet. And Italian equity prices have fallen – particularly in domestic bank shares, the best proxy of country risk – while insurance premia against a sovereign default have increased. There are even fears that Italy could trigger another global financial crisis, especially if a fresh election becomes a de facto referendum on the euro.

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Sergi Cutillas – The only possible Eurozone reform is the one that doesn’t change a thing

Posted by hkarner - 29. Mai 2018

This article was written before the collapse of the planned government and helps explain  the EU political elite’ panic.. The 5 Star Movement is right. Although convicted of tax-dodging or corruption you can be a minister in Italy. If you are critical of the EU or German hegemony, that is not the case. The EU political elite has once again demonstrated that democracy is when the policies they dictate is followed, everything else is “anti-democratic”. They are systematically digging their own grave.

Sergi Cutillas is an economist and currently Secretary of Economy and Work of Podemos Catalonia.


On May 7 of last year, Macron became president of the Republic of France, the youngest in the country’s history, and was presented by the mainstream media as the white knight who had come to save the EU after the shock of Brexit. The aim of his presidency, Macron announced, would be to reform and modernize France (privatizing, lowering wages and cutting welfare) to reduce the country’s competitive gap vis-à-vis Germany, thus encouraging the latter to engage in greater financial risk-sharing with the rest of the Eurozone. For a year now, Macron has been relentlessly attacking the rights of French working and popular classes, and is paying the cost in terms of consensus: students and workers have been demonstrating and on strike since the end of March against his reforms, and the mobilisations are broadening. However, Macron has not achieved his main objective: convincing Germany to move towards fiscal and political union in the Eurozone. Den Rest des Beitrags lesen »

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Italy in Turmoil as New Government Fails to Form

Posted by hkarner - 28. Mai 2018

Date: 28-05-2018
Source: The Wall Street Journal

President rejects anti-establishment parties’ nominee for the economy ministry, may turn to former IMF official to try to form new government

ROME—Italy was thrown into political turmoil Sunday evening, as the Italian president blocked the formation of a new government supported by two anti-establishment parties due to concerns the coalition could endanger Italy’s membership in the euro.

Italian President Sergio Mattarella blocked the ascent to power of a government supported by the maverick 5 Star Movement and the hard-right League after they proposed a euroskeptic figure as economy minister, an especially delicate job for a country with a €2 trillion ($2.3 trillion) public debt.

The dramatic developments sparked immediate calls Sunday evening from the two maverick parties for fresh elections.

But Mr. Mattarella instead will likely on Monday ask Carlo Cottarelli, a former International Monetary Fund official, to attempt to form a new government. But even if Mr. Cottarelli succeeds in forming a new government, fresh elections in Italy are now increasingly likely. Den Rest des Beitrags lesen »

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Ein Jurist mit Wien-Bezug soll Italien regieren

Posted by hkarner - 22. Mai 2018

Die rechte Lega und die „Fünf-Sterne“-Populisten haben den Politik-Neuling Giuseppe Conte als neuen Ministerpräsidenten nominiert – und zugleich versucht, Europa zu beruhigen: „Niemand hat etwas zu befürchten.“

Rom. Durchbruch in der italienischen Regierungsbildung: 80 Tage nach der Wahl haben die Chefs der Fünf-Sterne-Bewegung und der rechten Lega dem Staatspräsidenten am Montagabend einen Vorschlag gemacht, wer das Amt des Ministerpräsidenten übernehmen könnte: Giuseppe Conte, Professor und Rechtsanwalt, soll Premier der neuen Regierung werden. „Conte wird politischer Premier einer politischen Regierung sein. Er ist von beiden Kräften einvernehmlich vorgeschlagen worden“, erklärte Fünf-Sterne-Chef Luigi Di Maio.

Es wäre das sechste Mal, dass jemand von außen, also ein nicht vom Volk Gewählter, die Geschicke Italiens leitet. Der 54-jährige Jurist steht zwar den Fünf Sternen nahe, politisch aktiv war er aber bisher nicht. Conte wurde jedoch bereits im Wahlkampf von Di Maio als möglicher Minister für Verwaltung ins Gespräch gebracht. In diesem Zusammenhang hatte sich Conte sowohl für die Abschaffung von mehr als 400 „sinnlosen Gesetzen“ und damit eine Entbürokratisierung als auch für einen verstärkten Kampf gegen Korruption ausgesprochen.

In Wien Deutsch gelernt Den Rest des Beitrags lesen »

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Italy’s Upstart Parties Set Possible Collision Course With Europe

Posted by hkarner - 19. Mai 2018

Date: 18-05-2018
Source: The Wall Street Journal

The 5 Star Movement and the League seal a coalition agreement that mixes euroskeptic economic policies and billions in tax cuts and spending

Two anti-establishment parties poised to take power in Italy have finalized a coalition agreement that challenges the constraints of the euro, setting up a possible fight with European leaders who only recently steered the common currency through a deep crisis.

The upstart 5 Star Movement and the hard-right League sealed an agreement Friday that seeks to reboot one of Europe’s most troubled economies with a mix of euroskeptic economic policies and tens of billions in tax cuts and stimulus spending.

The would-be coalition partners’ challenge to the European Union on economic policy shows how the bitter legacy of the debt crisis, especially in Southern Europe, continues to fuel antiestablishment politics, in combination with voter anxiety about immigration. A potential confrontation between Italy and the European authorities could revive concerns about the future of the eurozone.

The two parties now must agree on who to seat as the prime minister. Matteo Salvini, the firebrand leader of the League, and Luigi Di Maio, the 31-year-old head of 5 Star, plan to meet with Italian President Sergio Mattarella on Monday to inform him they are ready to form a government. A new government could be in place by the end of next week. Den Rest des Beitrags lesen »

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Italien will Schuldennachlass über 250 Milliarden Euro

Posted by hkarner - 16. Mai 2018

Einem Bericht der Online-Zeitung „Huffington Post Italia“ zufolge wollen die möglichen Koalitionspartner die EZB um den Erlass von Schulden in Höhe von 250 Mrd. Euro bitten.

EZB soll den Italienern 250 Mrd. Euro Schulden nachlassen –

Ein Entwurf für ein Koalitionspapier der rechten Lega und der populistischen Fünf-Sterne-Bewegung, laut dem sich die neue italienische Regierung um einen Austritt Italiens aus der Eurozone bemühen wolle, hat am Mittwoch für Aufregung gesorgt. Die Mailänder Börse reagierte mit einem Kurseinbruch von 1,7 Prozent. Die beiden Parteien dementierten jedoch Pläne für einen Euro-Rückzug Italiens.

Laut dem Papier, das von der „Huffington Post Italia“ veröffentlicht wurde, wollen die Lega und die Fünf-Sterne-Bewegung die Europäische Zentralbank (EZB) darum bitten, Italien Schulden in der Höhe von 250 Milliarden Euro zu erlassen. Auch seien Neuverhandlungen des italienischen Beitrags zum EU-Budget, ein Ende der Russland-Sanktionen und die Rücknahme einer Pensionsreform von 2011 vorgesehen. Beide Gruppierungen erklärten, bei dem Entwurf handle es sich um eine alte Version, die inzwischen umfassend geändert worden sei. Insbesondere werde der Euro nicht infrage gestellt. Den Rest des Beitrags lesen »

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Italy’s Politics Fail to Rattle Its Financial Markets

Posted by hkarner - 14. Mai 2018

Date: 13-05-2018
Source: The Wall Street Journal

A likely government coalition, once considered a threat to the Italian economy and the eurozone, hasn’t stopped its stocks and bonds

Italy may be led by a coalition of the hard-right League party, led by Matteo Salvini, left, and the antiestablishment 5 Star Movement, led by Luigi Di Maio, right.

In Italy, a political pairing that investors once considered a worst-case scenario is set to become the new government, yet Italian stocks continue to outperform all other major developed markets this year.

The anticipated government coalition between the hard-right League party and the antiestablishment 5 Star Movement, a combination long considered by analysts to pose a major risk to the country’s economy and the eurozone itself, hasn’t stopped Italian stocks and bonds from outperforming.

The country’s headline stock index, the FTSE MIB, is up 11% this year, well above the eurozone’s broader Euro Stoxx 50 index and the S&P 500, each up around 2%. Den Rest des Beitrags lesen »

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The Upheaval Italy Needs

Posted by hkarner - 27. April 2018


While Italy remains without a new government, it would be foolish to believe that a country where anti-system parties won 55% of the popular vote will continue to behave as if nothing had happened. But political upheavals sometime provide a unique opportunity for addressing seemingly intractable problems.
FLORENCE – Two months after the Italian general election on March 4, amid continuing uncertainty about what kind of government will emerge, a strange complacency seems to have set in. Yet it would be foolish to believe that a country where anti-system parties won 55% of the popular vote will continue to behave as if nothing had happened. The supposed “barbarians” are not at the gate anymore. They are inside. Den Rest des Beitrags lesen »

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Italian Politics and Europe’s Future

Posted by hkarner - 10. April 2018

Jeffrey D. Sachs, Professor of Sustainable Development and Professor of Health Policy and Management at Columbia University, is Director of Columbia’s Center for Sustainable Development and of the UN Sustainable Development Solutions Network. His books include The End of Poverty, Common Wealth, The Age of Sustainable Development, and, most recently, Building the New American Economy.

Italy – which stands at the border between Europe’s prosperous north and crisis-ridden south, and between an open Europe and one seized by atavistic nationalism – will play a pivotal role in determining whether the EU survives long enough to reform itself. The coalition government that emerges will prove crucial.

NEW YORK – More than ever, the European Union needs unity to assert its values and interests in an age when US global leadership is on the verge of collapse, China is ascendant, and Russia wavers yet again between cooperation and confrontation with the EU. Divided, the EU is a mere helpless spectator to geopolitical upheaval. United, the EU can play a critical global role, as it uniquely combines prosperity, democracy, environmentalism, innovation, and social justice. And whether the EU regains unity of purpose, or instead spirals into disarray, will depend on what happens now in Italy. Den Rest des Beitrags lesen »

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