Fixing Italy’s economy requires full-blooded reform

Italy's Prime Minister Mario Monti missed an opportunity (photo:dpa)
Italy's Prime Minister Mario Monti missed an opportunity (photo:dpa)

Economists love to think about ways to fix countries and Italy is no exception. The prescription has been the same, with minor variations, whatever the country - a balanced public budget, privatistion of key sectors and deregulation. Italy is in dire need of urgent action and gradual change will be another missed opportunity.

ITALY is a good example of an economy where everybody knows what should be done to improve it and hardly anybody goes beyond talking about it.

Italians know they should cut public debt, reduce public spending, eliminate the privileges of selected interest groups and ensure that the labour force is happily employed and motivated....

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