Crisis Eurozone

Frances Weaver — Tue, 20 Dec 2011 14:59:56 +0000

Author:Tim Congdon

The eurozone, contrary to the self-image of some of its most prominent spokesmen, does not dominate the world: it accounts for only about a sixth of global output. Nevertheless, fears of its break-up are routinely given as the main reason for expecting 2012 to be a difficult year for the world economy. Why could the eurozone's travails do so much damage to those countries which have had the good sense to keep their own currencies?

Italian Insouciance

Frances Weaver — Tue, 20 Dec 2011 14:45:43 +0000

Author:Alexander Chancellor

Italy's new Welfare Minister, Elsa Fornero, broke down in tears when announcing a squeeze on state pensions this month, but she was weeping too soon. For while the latest package of austerity measures will undoubtedly hit Italians hard in due course, there is scant sign yet that they are suffering unduly. Foreigners note with surprise how prosperous and well-dressed most Italians still look, and Silvio Berlusconi was not wrong when he pointed out that the restaurants were still full ("Italia in crisi? I ristoranti sono pieni!"). London is full of free-spending Italian tourists. After a decade of recurrent recessions and with the heaviest burden of government debt of any European Union country apart from Greece, how do the Italians manage to appear so unconcerned?

Economy

Crisis Eurozone

Italian Insouciance