ROME (Reuters) – When Italy’s center-left Prime Minister Matteo Renzi took power in February by ousting his predecessor Enrico Letta in an internal party coup, he was expecting to benefit from a strengthening economic recovery.
After dismal data in recent weeks, that assumption now looks badly wrong and on Monday the Organisation for Economic Cooperation and Development forecast the economy would shrink for the third consecutive year and stagnate in 2015 as well.
MILAN (Reuters) – Spain called on Saturday for the euro zone to find a common stance on whether to provide guarantees for the European Central Bank’s debt-buying program after governments dragged their feet and the ECB said the program risked being less effective.
As part of efforts to spur lending in the euro zone and revive its stagnating economy, the ECB has pledged to buy senior tranches of repackaged debt issues, or asset-backed securities (ABS).
MILAN Italy (Reuters) – European Central Bank President Mario Draghi promised on Friday that the ECB’s planned asset purchase program would be “big” but stressed that only structural reforms by governments could revive the moribund euro zone economy.
The ECB has committed to buy asset-backed securities (ABS)and covered bonds as well as offering more cheap loans to banks targeted at boosting lending to companies.
ROME, Sept 9 (Reuters) – Italian Prime Minister Matteo Renzi
said on Tuesday that the country’s economic growth would be
about “zero” this year, a sign the euro zone’s third-biggest
economy is struggling to climb out of its third recession in six
Renzi’s forecast is far lower than the government’s
previous prediction for a 0.8 percent increase. Renzi also
signalled that Spending Review Commissioner Carlo Cottarelli
would likely be leaving his post soon.
ROME, Aug 31 (Reuters) – Federica Mogherini must show she
has the experience and clout to succeed as the European Union’s
new foreign policy chief, just as her predecessor had to
overcome a reputation as a diplomatic lightweight.
The 41-year-old career politician, who became Italian
foreign minister only in February, has been seen throughout her
career as a politician who prefers to skirt controversy rather
than take tough policy stands.
ROME, Aug 29 (Reuters) – Prime Minister Matteo Renzi on
Friday presented a plan to quicken the pace of Italian justice
and break down bureaucratic obstacles to investment as fresh
data pointed to a further deterioration in Italy’s recession
The 39-year-old prime minister, due to attend a European
Union summit in Brussels on Saturday, needs to restore
international confidence in Italy and show he can make good on
repeated pledges to revive growth and turn ambitious reform
promises into concrete results.
ROME (Reuters) – Prime Minister Matteo Renzi returned from holiday this week with his customary vim, tweeting that he was back at work on a new plan to speed up Italy’s sluggish justice system, reform its schools and spur investment.
With Italy in recession for the third time in six years, Renzi badly needs to restore waning international confidence and show that he can finally come good on his repeated pledges to revive the eurozone’s third-largest economy.
ROME, Aug 27 (Reuters) – Italy admitted on Wednesday its
hopes for a sustained recovery from recession had been too high
and called for a joint European solution to stubbornly low
growth, as new data compounded the economic problems of Prime
Minister Matteo Renzi.
Economy Minister Pier Carlo Padoan said Italy must cut its
official growth forecasts and called for a “European vision” for
reforms. The Italian economy fell back into recession in the
ROME, Aug 25 (Reuters) – Italy’s search and rescue services
have found six more bodies in the Mediterranean to add to the
death toll of 19 over the weekend, the navy said on Monday, with
no let-up in the record numbers risking the perilous crossing to
Europe from Africa.
The navy said it had rescued almost 4,000 migrants over the
weekend and Italian vessels were continuing to look for victims
of a boat which capsized north of the Libyan coast on Sunday
ROME, Aug 24 (Reuters) – The euro zone’s growing fears of
deflation will be stirred again on Friday when preliminary
consumer price data for August is issued, with signs the
European Central Bank could be looking at bolder steps to help
the region’s stagnant economy.
Analyst polled by Reuters forecast the annual inflation rate
to slip to 0.3 percent from 0.4 percent in July, falling even
further below the ECB’s target of below but close to 2 percent
and mired deep in what the bank calls the “danger zone”.