Europe’s Italian Muse?
When the euro was created, its architects were well aware that no monetary union in history had succeeded without the backing of a sovereign political entity. The looming prospect of a full-blown Italian debt crisis should focus European minds on the need to address that fundamental design flaw.
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ROME – The euro contagion triggered by Greece’s sovereign-debt crisis has now infected Italy. Silvio Berlusconi’s government, together with a fiscally conscious opposition, managed to secure – in only a few days – parliamentary approval of a package of measures worth more than €50 billion, in order to restore market confidence in the soundness of Italy’s economic fundamentals.