Lorenzo Bini Smaghi is a leading Italian economist and an Executive Board Member of the European Central Bank.
Since 2008, Italian GDP has fallen 7% – more than any one of its associates in the embattled, informal PIGS grouping – and it would be tautological to state that the country is in a state of pecuniary disrepair. In an op-ed for today’s edition of the Financial Times, Lorenzo seeks to explain Italy’s financial woes, and offer potential solutions to the present crisis – solutions which no party, nor party leader, has so far offered. Whilst understanding the desire of politicians to avoid sending tough and austere messages during an election campaign, Lorenzo believes it is vital that leaders are honest about Italy’s present fiscal tumult, and how it can be satisfactorily resolved.
The article is a must-read for anyone interested in European politics and the future of the Eurozone, and you can read his piece by clicking here.
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