Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘M5S’

Italy is turning into a lost case

Posted by hkarner - 1. September 2018

Date: 30-08-2018
Source: The Economist
Subject: Tensions rise between Italy and the EU

Migrants and the economy are the flashpoints

AS ITALIANS trickled back to the cities from holidays on the coast and in the sun-baked countryside, the scene was set this week for what promises to be a difficult autumn. Over both the enduring problem of what to do about migrants arriving from north Africa and the even older problem of Italy’s dangerously anaemic economy, clashes with the EU are looming.

In the latest flexing of his muscles, Italy’s interior minister and leader of the Northern League, the pugnacious Matteo Salvini, kept more than a hundred asylum-seekers cooped up on one of Italy’s coast-guard vessels, the Ubaldo Diciotti, for almost a week as he demanded EU agreement on a policy for the redistribution of migrants. After a meeting in Brussels ended without progress, the Italian Catholic church helped to broker a deal. Most of the asylum-seekers entered Italy under its auspices; 20 each went to Ireland and, somewhat improbably, to Albania.

But this is only a temporary and partial climb-down. Mr Salvini and his political soulmate, Viktor Orban, the prime minister of Hungary, made clear during a meeting in Italy this week that they plan to build an EU-wide, anti-immigration front for the European elections next year (though they are at odds over the sharing of migrants). They plan to challenge the centrist alliance that France’s president, Emmanuel Macron, is trying to forge, and which they depict as pro-immigration. Mr Salvini said they were at a “historic turning point” in Europe. With traditional conservatives increasingly clashing with hardline populists, he may well be right. Den Rest des Beitrags lesen »


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The Italian Horror Show

Posted by hkarner - 28. Juli 2018

Date: 26-07-2018
Source: The Economist
Subject: Matteo Salvini, Italy’s de facto leader, is instinctively authoritarian

But he is also an opportunist constrained by Italy’s rickety finances

WHEN the Northern League linked up with the Five Star Movement (M5S) to form Western Europe’s first all-populist government of recent times, it was clear which was the junior partner. The League had won barely half as many votes at the general election in March. Yet in the absence of the new prime minister, Giuseppe Conte, it was the League’s leader, Matteo Salvini, who chaired the new government’s first cabinet. That was apparently because, at 45, he was older than his fellow-deputy premier, Luigi Di Maio of the M5S, then aged just 31.

But it was an augury: hyper-active and omnipresent, Mr Salvini has since set the agenda for the media and the government. Pointedly, he has continued to address rallies under his electoral slogan of “Salvini premier” (“Salvini prime minister”). It still adorns his and his party’s websites, Facebook and Twitter pages. Only now, almost five months after the vote, is it starting to give way to a new refrain: Prima gli Italiani (“Italians first”), an echo, conscious or unconscious, of a Donald Trump slogan.

One criticism of the League’s leader is that he acts as if he is still on the hustings. It is not one to which he is likely to pay much heed. Since March 4th, polls suggest, he has closed the gap with the M5S. Both parties now have a following of around 30%. Mr Salvini has achieved this feat by hammering away at the issue of illegal immigration, and deploying a communications strategy that, according to Domenico Ferrara, one of his biographers, Mr Salvini sums up in an acronym: TRT. It stands for Territory, Internet (rete in Italian), Television. Unlike many politicians, Mr Salvini has not abandoned either the old media or an even older way of communicating with voters by speaking to them directly, at rallies and on the street. But his use of social media is cannier and more intensive than that of Mr Di Maio of the supposedly technologically astute young M5S. From an iPad he carries everywhere, the League leader keeps up a barrage of tweets and posts to Facebook and Instagram. Mr Ferrara says that Mr Salvini does not use ghostwriters, relying instead on a software programme, dubbed The Beast, written for him by a university lecturer from Verona. It monitors reaction to his output, allowing him to emphasise whatever elicits the most favourable reception. Den Rest des Beitrags lesen »

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Italy’s Quadruple Threat to Europe

Posted by hkarner - 20. Juni 2018

Michael J. Boskin is Professor of Economics at Stanford University and Senior Fellow at the Hoover Institution. He was Chairman of George H. W. Bush’s Council of Economic Advisers from 1989 to 1993, and headed the so-called Boskin Commission, a congressional advisory body that highlighted errors in official US inflation estimates.

Italy’s new Five Star Movement/League government has been assuring financial markets that its intentions with respect to the euro and EU fiscal rules are pure. But soothing words will not change the fact that Italy is beset by political and economic crises that could plunge it – and Europe – into the abyss.

STANFORD – Italy’s new Minister of Economy and Finance, Giovanni Tria, has sought to reassure financial markets that the new Five Star Movement/League coalition government will neither abandon the euro nor blow up the budget deficit in violation of EU fiscal rules. But Europe is not out of the woods. Italy’s populist, Euroskeptic government has further heightened the medium-term risks posed by the country’s banking sector, public debt, labor and migration policies, and growth model.

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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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