Can Italy Be Saved?
As the economist Mario Monti assembles Italy’s next government, much is at stake for the country, for Europe, and for the global economy. Only bold commitments by both the EU and Italy can prevent an extremely bad outcome – and ensure a relatively favorable one.
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MILAN – As the economist Mario Monti’s new government takes office in Italy, much is at stake – for the country, for Europe, and for the global economy. If reforms falter, public finances collapse, and anemic growth persists, Italy’s commitment to the euro will diminish as the perceived costs of membership come to outweigh the benefits. And Italy’s defection from the common currency – unlike that of smaller countries, like Greece – would threaten the eurozone to the core.