Report
Italy will put pressure on euro-zone fiscal and monetary policies for a long time
Italy’s multiple problems are well known: lack of productivity gains, declining purchasing power, under-investment, inefficient education system, loss of competitiveness and market shares, deindustrialisation, low spending on research and innovation, fragile public finances and banks, low employment rate, etc. There is clearly a threat from Italy to the euro zone's stability, just as there was a threat from Greece. The existence of this threat puts strong pressure on: Fiscal policy: there must be long-term solidarity with Italy so it can make the necessary public investments, as has started to be done with the European Recovery Plan; Monetary policy: the ECB must have a commitment to perpetually prevent an abnormal rise in Italy’s long-term interest rates, which would lead to a loss of fiscal solvency.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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