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This is your hot weekend reading: Former Italian PM Silvio Berlusconi has done an exit interview with newspaper Corriere.In it, he says that the new government, composed all of technocrats, has promised not to stand for re-election in 2013. He also says that the Mario Monti government will lose his support if he endorses a wealth tax.
But the most interesting line is this one, from the Google Translated version:
We asked the government’s commitment to become a promoter of transformation in Europe ECB guarantor of last resort in the euro area, as are the central banks against the dollar, sterling and yen. Without this decision not only the euro is at risk, but all the European countries will experience sooner or later the hard way the effects of speculation
Here Berlusconi is totally dead on. That must be Monti’s goal, and Europe must have the same kind of fiscal protection that is enjoyed by the US, the UK, and Japan, without which everyone (perhaps even the Germans) will suffer.
Now, Monti just has to convince country-mate and ECB chief Mario Draghi, who doesn’t seem to get it at all.