Mario Monti Is Sick Of Everyone Making Fun Of Italy’s Economic Indecisiveness, Not Even Going To Mention The Bunga-Bunga

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The former Euro antitrust regulator and, why not, maybe the next prime minister of Italy is a little concerned that his countrymen are acting no better than a buncha Greeks, reports CNBC:

Silvio Berlusconi’s administration has lost sovereignty and its lack of credibility has hit Italy’s reputation abroad, according to former European Competition Commissioner Mario Monti.

Firstly he believes Italy’s government has little dignity. "I'm sorry Italy is seen as a country whose economic decisions are imposed by others as opposed to taking them with conviction,“ he wrote.

This has led to a lack of credibility with international markets, according to Monti.

"What happened over the past week does not contribute to Italy's reputation abroad. This has serious implications not only for Italy's prestige but also for its efficacy," said Monti, who believes Berlusconi wasted valuable time on putting austerity measures in place.

Monti says further in his op-ed* that:

The forms are safe. Ministers remain in office. The primacy of politics is intact. But the major decisions are taken by a "supranational technical government" and, one might add, by "marketism", with sites located in Brussels, Frankfurt, Berlin, London and New York.”

Places where major decisions are not taken include Rome, as Berlusconi apparently responded to criticism by taking the weekend off to go to the beach.

If Monti is in fact going to be taking over Italy after Brussels pries it from Berlusconi's, you’ll be happy to know that he’s not really all that opposed to supranational technicalism - since he was a supranational technical regulator and all. And he's down with “the useful role played by markets (if subjected to a rigorous discipline by impartial public authorities),” which is better than, say, “separating 'real investors' from speculators that invest short-term” by banning short selling.

Berlusconi’s Italy Has Lost Sovereignty: Monti [CNBC]

Il podestà forestiero [Corriere della Sera]

* Some amount of Google translate here.

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By Pava (Own work) [CC BY-SA 3.0 it], via Wikimedia Commons

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