By John Foley
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Italy's lower house approved Prime Minister Matteo Renzi's tax-cutting 2015 budget on Sunday. It will now move on to the Senate, where it must be passed by the end of the year. The budget is at the centre of a tussle with the European Commission, which says it does not do enough to reduce the country's huge public debt.
The Great Divergence is a term coined by economic historians to explain the sudden acceleration of growth and technology in Europe from the 16th century onward, while other civilizations such as China, India, Japan and Persia remained in their pre-modern state. This phrase has recently acquired a very different meaning, however, more relevant to global economic and financial conditions today.
As nuclear talks between Iran and the other members of the so-called P5+1 group are extended for another seven months, one issue is sure to remain a sticking point. The most important differences between all sides relates to the size of Iran’s uranium-enrichment program.