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Tonight we talk about us, let's talk about Italy. So let's talk about Europe.
The day of today, September 6, 2012, it takes very little to guess, will go down in history as a significant date in the historical period in which we live. After weeks, months of hesitation, finally the European Central Bank, despite the limitations of the tools available, took the decision to support the government bonds of countries under financial stress, buying them in the secondary market without limitation amount. Of course with some stakes. The securities purchased will be those with a maturity of short-term (one to three years) in order to maintain the psychological pressure on attention to public finances in the medium to long term. In addition, the Member States eligible for purchases of the ECB should engage in economic policies of rehabilitation and should keep their commitments, otherwise the ECB may sell the securities purchased by the finance deteriorate again and the spread of that country.
Please note, we are not worshiping the ECB and its main actor, the Italian Governor Mario Draghi. Do not escape the possible negative consequences of this choice, however, and he was seen immediately on the markets, has helped to remove oxygen from financial speculation. In fact, at this historical moment, the markets were expecting this position. Up to now, in terms of the crisis, the ECB was the only European institution to speak unambiguously and to take a firm stand against speculation. Other political institutions, the Commission and Parliament, as well as several individual Commissioners Premier national currencies occurred on things to do and to propose solutions to combat the crisis. Result: in the eyes of international investors Europe as it does not appear a credible political party and then you think that this weakness may affect also in finance and speculation can move undisturbed.
The move by Dragons broke the plunge and sent a strong signal in the opposite direction: Europe is united economically euro and financially able to support the speculative attacks in progress. The guarantee in this moment is not political, but provided by the ECB. Problem solved, the crisis passed? Absolutely not.
First. The choice of Dragons is a choice that would make European policy, but this did not happen. The consequences of what we will see in the coming months, in the coming years. It 'clear that national policies still have primacy over European interests. Second. The fundamentals of the real economy continues to deteriorate, at European level and at the level of individual states. Coming to us, in Italy unemployment is back to levels of the late '90s, industrial production is falling sharply, consumption decreases and commodity prices rise instead to the effect of fuel increasingly burdened by increased pressure tax. A new word begins to peep on the pages of newspapers, stagflation.
For us Italians it is clear that the answers to this situation cannot only come from the ECB. Must come from politics, our politicians and people of good will who have at heart the future of our children. Unfortunately, the political landscape we are seeing in these weeks of the end of summer is not the most reassuring. Not yet know the date of the elections, which should take place next spring if the houses will not be dissolved in advance, but the tension and the level of political confrontation between the sides is already so high that I really do not understand how Italy can withstand six / eight months of bitter fighting as those taking place between the parties. The Premier Monti is looking for, as far as possible, to modify the structural system of our country, but it is increasingly obvious to everyone that the resistance he encounters are awesome.
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