ROME (Reuters) – The reasons given by Italy’s top court for throwing out key planks of the country’s electoral law leave politicians no closer to agreeing a new system to give Italy the stable government it badly needs.
As Italy struggles with a huge national debt and a stagnant economy, most politicians agree that the electoral rules that helped produce a hung parliament after last February’s national vote are in need of change, but they have squabbled over reform for the best part of a decade.
BOLOGNA, Italy (Reuters) – The man charged with shaping the economic policy of Italy’s centre-left under its new leader Matteo Renzi on Tuesday vowed a programme of radical spending and tax cuts that he said would transform the country.
Filippo Taddei, 37, has probably the toughest job among the 12-strong policy team of Renzi’s Democratic Party (PD), which dominates Enrico Letta’s coalition government.
ROME (Reuters) – Italy’s economy stagnated in the third quarter after two years of contraction, but a firm rise in industrial output in October reinforced expectations of a return to growth in the last three months of the year.
France continued to falter, however, with data on Tuesday showing industrial output fell for a second straight month in October, although manufacturing production rebounded.
ROME (Reuters) – Italy’s electoral law is unconstitutional, its top court ruled on Wednesday, piling pressure on political parties to reform a system blamed for creating parliamentary deadlock.
Most politicians agree, at least in public, that the electoral rules which helped produce a hung parliament after February’s national vote must change to give Italy a chance of forming a stable government.
ROME, Nov 12 (Reuters) – Italian banks will need to raise
1.2 billion euros to meet a minimum threshold for higher-quality
capital set by the European Central Bank in a planned check-up
of euro zone lenders, the Bank of Italy said on Tuesday.
In its bi-annual Financial Stability Report, Italy’s banking
regulator said it had already asked weaker lenders in a group of
15 due to be scrutinised by the ECB to boost their capital base
and said it was keeping a close eye on them.
ROME (Reuters) – Italy’s largest ruling party has proposed legislation to raise government revenues by making it more expensive for multinational online companies like Google, Amazon and Yahoo to do business there.
A bill tabled by the center-left Democratic Party (PD) aims to raise at least 1 billion euros through a law, dubbed the “Google Tax”, obliging companies that advertise and sell online in Italy to do so only through agencies with a tax presence in the country.
ROME (Reuters) – Former Prime Minister Mario Monti on Thursday left the party he founded this year as political tensions over Italy’s 2014 budget raised a new threat to the stability of Enrico Letta’s government.
Monti said he was quitting because a group of senators from his centrist Civic Choice party, which is part of the ruling coalition, rejected his criticism of the budget thus undermining his leadership of the party.
ROME (Reuters) – A hostile domestic reaction to Italy’s 2014 budget may pose a new threat to the stability of Enrico Letta’s government just weeks after the prime minister defeated Silvio Berlusconi’s attempt to topple him.
The budget, unveiled on Tuesday, has been attacked by employers, unions and most of Italy’s media, and also by senior politicians in Letta’s left-right ruling coalition who have virtually disowned the package.
ROME (Reuters) – Italy’s 2014 budget plays by the European Union rules, but seems designed more to offend nobody than to give the euro zone’s most chronically sluggish economy a decisive boost.
Prime Minister Enrico Letta largely avoided unfunded tax cuts in the budget, which his cabinet approved late on Tuesday, meaning the deficit should stay within the EU ceiling set at 3 percent of economic output.
ROME (Reuters) – The Italian cabinet will try to agree on Tuesday on a 2014 budget geared to reviving a chronically stagnant economy by cutting taxes and spending, while keeping the budget deficit inside the EU ceiling.
Enrico Letta’s left-right coalition has an easier task than its predecessors because, after the austerity of recent years, there is no longer a need for net fiscal tightening.