Italy's new Prime Minister Enrico Letta is touted as a man who could change the politics of the EU. The Daily Telegraph in the UK even headlines his initial policy speech as "Italian PM Enrico Letta urges move from austerity to growth". But is that really the case? I don't think it is the case. And I will point to language in his speech for why as I develop a few background issues on Italy.
The last post I wrote on Europe was about the upcoming German elections. And my view here is that the SPD, a party ready for back-loaded austerity, is likely to play the pivotal role. The upshot then is that the German EU position will probably move from the dominant front-loaded austerity vehemently supported by the Bundesbank to a less dogmatic back-loaded austerity, with growth as a key policy pla...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.