Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Salvini’

The most dangerous man in Europe

Posted by hkarner - 13. Juli 2019

Date: 11-07-2019
Source: The Economist

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How to defuse the threat that Matteo Salvini poses to the euro
There needs to be a deal between the European Commission and Italy

On july 8th euro-zone watchers breathed a sigh of relief. The zone’s 19 finance ministers backed the European Commission’s decision that Italy should not be penalised for allowing its public-debt burden to rise in 2018 in violation of the eu’s fiscal rules. Thanks to savings of 0.4% of gdp for the current year, cobbled together by Italy’s governing coalition, a damaging confrontation seems to have been resolved.

In truth, however, it has merely been postponed. The grim reality of Italy’s public finances remains unchanged. Its deficit is on course to exceed the eu’s threshold of 3% of gdp in 2020, its debt is sky high and, worst of all, it is plagued by a persistent absence of growth. If Italy is to dispel the ever-present air of crisis, a much more far-sighted deal will be needed.

Since the euro was introduced, over 20 years ago, Italy has steadily fallen behind the rest of Europe. The average citizen in Germany, France and Spain is a fifth better off, in real terms, than in 1999; incomes in eastern Europe have more than doubled. But the average Italian is no richer. Den Rest des Beitrags lesen »

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Salvini drängt auf Steuersenkung und droht mit Rücktritt

Posted by hkarner - 23. Juni 2019

 Na, sein Rücktritt wäre ja ein Fortschritt! Il suo retiro sarebbe una fortuna! (hfk)

Dominik Straub aus Rom, 21. Juni 2019, 11:22, derstandard.at

Das drohende Defizitverfahren die EU hat das Potenzial, die italienische Regierung zu Fall zu bringen

Rom – „Italien braucht eine mutige Steuerreform, wie sie US-Präsident Donald Trump durchgeführt hat“, betont Italiens Innenminister Matteo Salvini in einem Interview mit dem „Corriere della Sera“. Es sei seine Pflicht, diese umzusetzen. „Sollte ich wegen Brüssel nicht in der Lage sein, dies zu tun, verabschiede ich mich und gehe“, sagt der 46-jährige Vizepremier. „Mutig“ bedeute, dass die Steuerbelastung in Italien um mindestens zehn Milliarden Euro gesenkt werden müsse. „Es reicht mir mit diesen Käfigen, in denen die Zukunft eingesperrt wird, und mit dem Ersticken unseres potenziellen Wachstums.“ Der Lega-Chef verlangt schon seit Monaten die Einführung einer Pauschalsteuer von 15 Prozent auf allen Einkommen unter 50.000 Euro im Jahr. Das würde der Wirtschaft einen Wachstumsimpuls verleihen, der die Einnahmenausfälle für den Staat mehr als kompensieren würde, glaubt Salvini. Laut Finanzexperten würde die von Salvini vorgeschlagene Steuersenkung aber zunächst einmal zwischen 30 und 40 Milliarden Euro kosten. Der Vizepremier hat durchblicken lassen, dass er sich mit einer schrittweisen Einführung zufriedengeben könnte, wodurch die Kosten zumindest für das Jahr 2020 auf zehn Milliarden begrenzt werden könnten.

Schuldendienst so hoch wie Bildungsausgaben

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Europe’s Italian Stranglehold

Posted by hkarner - 18. Juni 2019

Date: 17-06-2019
Source: The Wall Street Journal By The Editorial Board

The EU could punish Rome for pushing pro-growth policy.

Salvini and DiMaio..

Italian Deputy Premier Matteo Salvini is favored to become the country’s next Prime Minister, and European Union mandarins are improving the euroskeptic’s chances. See how Brussels is handling its latest fiscal dispute with Rome.

The European Commission is on course to impose a fine of up to €3.5 billion on Rome to punish it for breaking EU budget rules. Governments are supposed to keep their fiscal deficit below 3% of gross domestic product and total debt under 60% of GDP. Many EU members violate these strictures, but Rome is unusually bad. Italian debt is expected to reach more than 135% in 2020, and the Commission frets about Rome’s deficit, which ran 2.1% in 2018.

This triggered a fiscal showdown last year, which ended when Rome agreed to make minor changes to its budget and Brussels pretended the numbers would add up. But now the EU complains that Italy’s motley left-right coalition government isn’t abiding by that deal and is teeing up another fiscal battle. A June 5 Commission report recommends opening up an “excess deficit procedure,” though it would take weeks and several bureaucratic hurdles before a fine is imposed. Den Rest des Beitrags lesen »

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Europe’s Populists Are Here to Stay

Posted by hkarner - 16. Juni 2019

Date: 15-06-2019
Source: The Wall Street Journal By Matthew Goodwin

New parties are finding success by addressing the concerns of voters who feel neglected and disdained by liberal elites.

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“Only five years ago the newspapers were talking about the League being extinct. Now we are the biggest party in the north and the south [of Italy].” This was the triumphant statement of Matteo Salvini, Italy’s deputy prime minister, after his national populist party, the League, finished first among Italian voters in last month’s election for the European Parliament.

“It is not only the League that is the first party,” continued Mr. Salvini, the de facto head of Europe’s growing national populist family. “Marine Le Pen is the biggest party in France. Nigel Farage has the biggest party in Great Britain. It is a sign of a Europe that has changed.”

Mr. Salvini and his allies have reason to feel confident. The percentage of seats in the European Parliament now held by populists of all stripes—whether left populists, right populists or others that aren’t easily defined, like the 5 Star Movement in Italy or Britain’s new Brexit Party—hit an all-time high of 29%. But it is the national populists who are most successful. From the League in Italy to National Rally in France, Vox in Spain and the Sweden Democrats, this party family has a record 16% of seats in the European Parliament. They are nowhere near a majority, but they have consolidated and are now a more disruptive force.

National populist parties share a common approach and program. They seek to advance what they see as the interests and culture of their country’s ethno-cultural majority; they present themselves as giving voice to people who feel neglected, even held in contempt, by distant, self-serving liberal elites. Den Rest des Beitrags lesen »

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A Flat Tax for Italy

Posted by hkarner - 3. Juni 2019

Date: 02-06-2019
Source: The Wall Street Journal By The Editorial Board

Salvini braces for a fiscal showdown with Brussels.

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Italy’s Deputy Prime Minister Matteo Salvini.

Brussels will grapple for years with the political fallout from insurgent victories in last week’s European Parliament elections. How’s this for a strategy: Don’t fight ’em when they’re right. An early chance comes via a tax-cut plan from Italy’s Matteo Salvini.

Mr. Salvini, who leads the right-leaning League party, was one of the biggest winners in the election. His party, which forms half of the governing coalition in Rome, won 34% of Italians’ votes, compared to 23% for the center-left Democratic Party and 17% for his left-wing coalition partners in the 5-Star Movement. Mr. Salvini racked up those votes in part by promising tax cuts the European commissioners in Brussels don’t like.

Rome spent most of the autumn battling Brussels to a draw over Italy’s new budget. The awkward right-left coalition government eventually abandoned some of its tax-cut and spending plans while Brussels massaged its economic forecasts to pretend Italy’s budget would balance one day.

But what Brussels won’t admit—and Mr. Salvini knows—is that economic growth is a precondition to balance a budget or reduce Italy’s debt burden of 130% of GDP. The Italian politician has been persuading voters since last year’s showdown. “Reducing taxes is the only way to lower . . . the debt and deficit,” he said in an interview with Reuters before the election, “so they should allow us to cut taxes.” “They” is a pointed reference to the fiscal scolds at the European Commission. Den Rest des Beitrags lesen »

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Europe’s hard-right is pitching voters a contradictory fantasy

Posted by hkarner - 21. Mai 2019

Date: 20-05-2019
Source: The Economist: Charlemagne’s notebook

“A Europe of nations” is an ideological muddle disguising unacknowledged trade-offs

EUROPE’S right-wing populists will take votes off an array of mainstream rivals at next weekend’s election to the European Parliament. But what exactly do they want? To that, the nationalists provided answers of sorts at their big end-of-campaign rally in Milan’s Piazza del Duomo today. Under sporadic rain showers in the shadow of the city’s cathedral, right-populist leaders from eleven EU countries demanded a “revolution” to overthrow the existing order in Brussels and build a “Europe of nations”. They were confident. They were loud. They reaped the applause of thousands of supporters of Italy’s hard-right Lega, the host party, gathered in the square waving giant flags in the drizzle.

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They were also incoherent to the point of parody. Europe’s hard right is going through something of a transformation. Time was, these people straightforwardly disliked the EU and often wanted to pull their member states out of it. But support for the union among voters has risen, common threats loom larger and Britain has made a terrible mess of Brexit, putting off would-be copycats. Meanwhile rising anti-establishment and anti-migrant sentiments in much of Europe have blurred the boundaries between the nationalists and the mainstream. A new, hybrid sort of European nationalist populism is emerging that attempts to be subtler than the old “yah boo to Europe” sort. Matteo Salvini, the League’s leader and Italy’s deputy prime minister, wants to organise a new group around this idea in the next European Parliament. Den Rest des Beitrags lesen »

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Die Angst vor dem „Italexit aus Versehen“

Posted by hkarner - 18. Mai 2019

Dominik Straub aus Rom, 16. Mai 2019, 17:57 derstandard.at

Italiens Vizepremier Matteo Salvini will zur Ankurbelung der Wirtschaft die Vorgaben der EU links liegenlassen. Verantwortungslos, warnt der frühere Regierungschef

Ich finde es unerhört, dass unser Innenminister und Vizepremier erklärt, man werde sich bis zu 140 Prozent des BIP verschulden“, erklärte Paolo Gentiloni in einem Interview mit dem Corriere della Sera. Der Lega-Chef tue so, als spielten bei einer ohnehin schon viel zu hohen Verschuldung 200 Milliarden Euro mehr oder weniger keine Rolle. Alarmiert haben Gentiloni die Äußerungen von Lega-Chef Salvini, der gleich bei mehreren Gelegenheiten erklärt hatte, dass Italien nicht nur das Recht, sondern die Pflicht habe, die EU-Haushaltvorgaben zu verletzen, um mit neuen Ausgaben die Wirtschaft anzukurbeln.

Risikozuschläge steigen

In den Augen Gentilonis handelt die populistische Regierung mit solchen Ankündigungen verantwortungslos: „Wir sind noch nie so isoliert gewesen in Brüssel – und der Schritt von der Isolation zum völligen Abseitsstehen kann kurz sein“, betonte der Ex-Premier. Der 64-Jährige spielt dabei auf die Möglichkeit an, sozusagen „aus Versehen“ aus dem Euro auszutreten: „Man kann entscheiden, den Euro zu verlassen. Man kann aber auch draußen landen, ohne das beabsichtigt zu haben.“ Zum Beispiel dann, wenn die Finanzmärkte das Vertrauen in die Haushaltpolitik verlieren und beginnen, massenhaft italienische Staatsanleihen abzustoßen. Salvinis Aussagen hatten auch umgehend zu einem Anstieg der Risikozuschläge für italienische Anleihen geführt. Den Rest des Beitrags lesen »

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Matteo Salvini’s improbable dream of a pan-European nationalist alliance

Posted by hkarner - 13. April 2019

Date: 12-04-2019
Source: The Economist

Nationalists tend not to agree with each other

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An italian nationalist joining forces with a German one to promise “a new European dream”, as Matteo Salvini termed it, is bound to stir the odd qualm. But oblivious, or indifferent, to historical echoes, Mr Salvini, the leader of Italy’s Northern League, on April 8th sat cheerfully alongside Jörg Meuthen of the Alternative for Germany (afd) on a platform in Milan as he announced the formation of a new, nativist bloc in the next European Parliament. Mr Meuthen said it would be called the European Alliance for People and Nations. And, said Mr Salvini, the aim was “to take in groups with which we have never collaborated before”.

Gail McElroy, a political scientist at Trinity College, Dublin, who has made a study of the European Parliament, said it was likely that the radical right will make some gains at the European elections on May 23rd-26th. “But there is a long history of populist parties forming groups that then fall apart.” Ominously for Mr Salvini, none of the party leaders he had hoped to attract to his new band bothered to show up in Milan.

Movements created to protect national interests and exalt national identities tend to make awkward bedfellows, after all. Jaroslaw Kaczynski’s government in Poland and Viktor Orban’s in Hungary have long turned a deaf ear to Italy’s pleas for a redistribution within the eu of asylum-seekers arriving from Africa. That problem has now been skirted: the new mantra of the populist right is that the answer is to seal Europe’s frontiers. But agreeing on economic policy will be more difficult. The afd and other hard-right northern European groups support precisely the kind of fiscal austerity Mr Salvini claims is holding back the Italian economy. Den Rest des Beitrags lesen »

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European demolishers meet…..

Posted by hkarner - 5. April 2019

Date: 04-04-2019
Source: The Guardian
Subject: Salvini aims to forge far-right alliance ahead of European elections

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Italian deputy PM holding gathering of far-right parties including Germany’s AfD next week as he seeks to create bloc of populists

Shaun Walker in Budapest, Angela Giuffrida in Rome and Jon Henley in Paris

Italy’s deputy PM, Matteo Salvini, is hosting a gathering of European far-right parties in Milan next week.

Matteo Salvini, Italy’s deputy prime minister and leader of its far-right League party, will host a gathering of European far-right parties in Milan next week aimed at building an alliance before elections in May.

Salvini is attempting to position himself as the informal leader of Eurosceptic, populist forces in Europe, but it remains unclear whether any kind of formal coalition will work, given policy differences between parties and the tangled web of alliances already at play inside the European parliament.

Europe’s rightwing populists are in power in Italy, Hungary, Austria and Poland and are riding high in several countries including France and the Netherlands, and, according to polls, will make significant advances in May’s elections. However, they are not predicted to form a majority and most analysts believe they will struggle to present a united front. Den Rest des Beitrags lesen »

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Europe’s Leaders Are Aiding Italy’s Populists

Posted by hkarner - 4. März 2019

Yanis Varoufakis, a former finance minister of Greece, is Professor of Economics at the University of Athens.

The fact that Italy’s public debt has a lower credit rating than private debt is a reflection not of public debt’s intrinsic inferiority but of a political choice made by European leaders. And, by bolstering an authoritarian politician, that choice is now blowing back on them.

ATHENS – Italy is now the frontline in the battle of the euro. Deputy Prime Minister Matteo Salvini is being propelled by a political tailwind that may, after the European Parliament elections in May, enhance his capacity to inflict serious damage on the European Union. What is both fascinating and disconcerting is that the xenophobia underpinning Salvini’s ever-increasing authority is being generated by the eurozone’s faulty architecture and the ensuing political blame game.

In its recent report on the economic imbalances afflicting each EU member state, the European Commission blames the Italian government for its failure to rein in debt, which, it says, results in tepid income growth. According to the Commission, the government’s reluctance to cut its budget deficit has spooked the bond markets, pushed interest rates up, and thus shrunk investment. Den Rest des Beitrags lesen »

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