The Turkish collapse is an argument against globalism
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Because we are not Turkey. And the Turkish collapse is an argument against globalism.
Do you know what Turkey's public debt is? Il 30% on GDP. A model country according to the dogmatics of ordoliberalism. And the public deficit? 1.5% on GDP. For the dogmatists of “We remain in the euro because we have a public debt of 130%", the very low Turkish public debt would have been a "guarantee against speculation", e “the attack of the markets”: Instead Turkey was…
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Message from Minister Paolo Savona to Confindustria
of the Minister for European Affairs Paolo Savona
Signor President of Confindustria, Lord and Gentlemen,
the date of 27 June, day before the Council of Europe, has proven to be an obstacle to fulfilling my commitment to attend this meeting. At this very moment I am in the Chamber to gather the will of the Deputies on the position that the Government, through its President, will take over at the next summit of 28-29.
Nonetheless, I want it to come to this meeting, together with my apologies for the involuntary absence, a short message from me.
1° The Chapter 2 of the Report on “How and why to strengthen Europe” is the best most recent analysis I have read on the subject. I feared that this topic could not even be discussed in Italy and reading the document reassured me and encouraged me to address the problems under discussion in Brussels by leaving the ccontingent and framing them in the need and urgency of changes in institutional architecturealand dell’EU. Congratulations therefore to the authors of the Chapter and to the Presidency who wanted this meeting-debate.
2° The first, the third and fourth blocks of theIntroduction contain a summary of the contents of the European matters waiting to be regulated. They are therefore an excellent agenda of the choices that must be made. Obviously it doesn't mean that I agree with all the initiatives proposed as a solution, but if we agree on the objectives, an agreement can be found on the technical tools. Read More
Pensions, alert Ue: Fornero reform should not be touched
Reporting of Wall Street Italia
Of Alessandra Caparello
ROMA (WSI) – The European Union launches a new warning on the Italian social security system. In the report adopted on our country as part of the winter package of the European semester, the European Commission is betting the fates on Italy and the Fornero reform in particular indicated as untouchable.
The albeit partial changes made by Renzi governments and Gentiloni on the social security reform adopted by Italy in 2011, under the technical government led by Mario Monti, they would have in fact partially canceled the pension reforms that were made in the past with the consequence of increasing spending for the average period.
“The long-term sustainability of public debt Italian, ensured by pension reforms done in the past, It is slowly deteriorating, so much so that the European Commission's risk indicator went from low to medium (S2). Spending on pensions in relation to GDP increased by around two percentage points, as a result of the crisis and the consequent fall in nominal GDP. Italian pension spending is now the second highest in the EU and in theOECD, after the Greek one (…) The increase in implicit liabilities resulting from the aging of the population had been limited by past reforms of the pension and healthcare systems, which had improved Italy's long-term sustainability.