Newsgroup: it.politica
Titolo: Financial Time

Mi è sfuggito l'articolo sull'economia italiana pubblicato qualche
giorno fa sul Financial Time. Qualcuno ce l'ha sotto mano?
Mi han detto che parlava di imminente  ripresa economica nostra e
caduta della disoccupazione.
Ernesto

 wrote in message
382c422a...@news.iol.it...

LEADER: Italian recovery
Italy's sluggish economy is showing signs of life. Even the latest interest
rate rise  by the European Central Bank is unlikely to knock the recovery
off track. But stubbornly high inflation presents a threat to
competitiveness that could hamper the country's prospects.
The latest economic news from Italy has been upbeat. Industrial production
growth in August, at 2.6 per cent, was positive for the first time in a
year; orders of capital goods are rising; and unemployment is falling.
Although output growth this year is still expected to reach only 1 per cent,
hopes are now high for an upturn in 2000.
The 0.5 percentage point rise in European interest rates will have a more
immediate impact on the economy than in many other euro-zone countries,
because of the prevalance of variable rate financing in Italy. But the
change was anticipated and so is unlikely to hit confidence. The recovery
should survive.
Italy's weak spot, the public finances, are also looking in better shape.
Tax revenues have been buoyant, helped by the improvements in the economy.
And measures taken over the past few years to lengthen the maturity
structure of Italian public debt have paid off, by making debt payments less
sensitive to interest rate changes.
The biggest worry is inflation. For a country with Italy's inflationary
history, the current rate of 2 per cent looks good. But it remains
significantly above the inflation rate in the rest of the euro-zone. On the
standardised measure, there has been an average differential of 0.5
percentage points since the launch of the single currency - despite the
country's lower growth. With exchange rate adjustment no longer an
option, higher inflation can only mean a loss of competitiveness.
The inflationary momentum is unlikely to be quelled by the interest rate
rise, because its causes are primarily structural. Low inflation in the
other major  euro-zone economies has been achieved partly through the
liberalisation of prices in key markets. But the opposition of powerful
interest groups, together with a lack of reformist zeal by the government,
has meant that this has not happened in Italy.
The Bank of Italy, in its latest Economic Bulletin, spells out the results
of this failure. Telephone charges in Germany, for instance, fell by 10.9
per cent in the first nine months of this year, compared with a 2.6 per cent
fall in Italy. The cost of financial services has risen 23 per cent in Italy
since 1996, compared with rises of just 0.6 per cent in Germany and 6.5 per
cent in France.
Economic growth built on unreformed structural foundations will inevitably
run into difficulties sooner or later. If nothing changes, Italy will learn
this lesson the hard way.
11.11.1999

 Ernesto
   Sta sempre per arrivare, sta ripresa ecomonica...... ci manca sempre
un soldo ma e` sempre dietro l'angolo......
basta che rispettiamo i sacri comandamenti finanziari, applaudiamo il
presidente giusto e opla! la ripresa non tardera`, lo dice il financial
times.
Che bello..................!
Luigi

 wrote in message
382D95C4...@coloseum.com...
| ernesto wrote:
|
| > Mi è sfuggito l'articolo sull'economia italiana pubblicato qualche
| > giorno fa sul Financial Time. Qualcuno ce l'ha sotto mano?
| > Mi han detto che parlava di imminente  ripresa economica nostra e
| > caduta della disoccupazione.
| > Ernesto
|
|    Sta sempre per arrivare, sta ripresa ecomonica...... ci manca sempre
| un soldo ma e` sempre dietro l'angolo......
tale e quale ai tempi del (fu) impero russo:
il prossimo piano quinquennale ( li' non c'era opposizione e si poteva
andare di 5 in 5...) risolvera' tutti i problemi del popolo russo!
Ma su quali testi credi abbia studiato la compagnia d'Alema & C.?
Se ti guardi intorno ( e nelle tasche..) vedrai che ci bastera' meno di un
quinquennio x finire come loro...
-----
ciao, grenzo



Grazie mille! L'analisi mi sembra interessante anche se non del tutto
originale. Mi ha colpito quel  "and unemployment is falling"...
speriamo sia vero!
Ernesto