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1.Market Observations, 8.Was Sticky

2 Dec 2016 (AFR) – Italy’s vote is about more than a few constitutional tweaks

(2 December 2016, AFR, p29, by Paolo Gentiloni)

‘The referendum in Italy on Sunday is not merely about a few tweaks to the functioning of the country’s institutions. The stakes are much higher than that and they concern the whole of Europe. Of Europe’s largest economies, Italy’s was the hardest hit by the recession. The country needs stability and reform. For too long, Italy has been too slow to confront its problems and too hasty to change its governments. The most recent general election, in February 2013, was yet another illustration of this problem: no one won, uncertainty dominated the political landscape and populists began making more noise than ever. Yet events unfolded in an unexpected way. Matteo Renzi, the prime minister, managed to establish the most stable government Italy had seen in a decade and the most reform-minded administration since the introduction of the euro.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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