On Friday, Prime Minister Mario Monti proposed a set of plan to infuse oxygen into debt-stricken Italian economy. Among his proposed plan are € 7.1 billion investment in infrastructure, adding 500 new notaries and speeding up country’s legal system, issuing 5000 pharmacy licenses to encourage new business, giving freedom to gas stations to select their providers to encourage competitions, making natural gas prices more competitive and removing bottle neck in public work projects. The Italian Prime Minister earlier had to climb down on his plan to issue new taxi licenses following days of frequent taxi strikes around Rome and other cities.
The set of package proposed by the Mario Monti on Friday was his second attempt as Prime Minister to boost up economy in Italy. His first attempt was on last month when he announced € 30 billion austerity plan. Monti believes that inadequate infrastructure, red tape and too little competition are the main enemies of progress in Italy.
The latest measures that are soon going to come before the parliament is keen to end “protectionist practices” enjoyed by taxi drivers, lawyers, pharmacy owners, among others in Italy. This is believed to jump start the Italian economy on the right path and bring down its €1.9 trillion economic debt.
Showing posts with label Mario Monti. Show all posts
Showing posts with label Mario Monti. Show all posts
Friday, January 20, 2012
Saturday, December 17, 2011
Italian PM Mario Monti’s austerity drive gets lower house approval
Prime Minister of Italy, Mario Monti’s austerity plan cruised to victory in the Chamber of Deputies’ confidence vote on Friday. The overwhelming victory of 495 to 88 in the lower house is expected to increase Italy’s chance in receiving bailout package amounting to € 33-billion or $43 billion. Mario Monti still has to get the final approval of the Senate (upper house of the parliament) next week for the smooth passage of austerity package.
Italy’s ‘Super Monti’ is currently under immense pressure from leaders of Europe to put a cap on spending and generate funds to boost Italian economy. Once the austerity bill is passed by both houses of parliament, Mario plans to implement a series of measures to address Italy’s huge debt crisis and balance 2013 budget through increased tax and pension reforms. Some of the immediate steps government of Italy is likely to take are - reintroducing ‘tax on first homes’ (earlier abolished by the previous Berlusconi government), hiking real estate tax and also some growth incentives.
Though Italian Premier’s austerity plan enjoys parliamentary consensus, many in the main opposition parties are skeptical that the proposed measures might be unfair on the poor in society. They are going to be the hardest hit of the austerity cut.
Italy’s ‘Super Monti’ is currently under immense pressure from leaders of Europe to put a cap on spending and generate funds to boost Italian economy. Once the austerity bill is passed by both houses of parliament, Mario plans to implement a series of measures to address Italy’s huge debt crisis and balance 2013 budget through increased tax and pension reforms. Some of the immediate steps government of Italy is likely to take are - reintroducing ‘tax on first homes’ (earlier abolished by the previous Berlusconi government), hiking real estate tax and also some growth incentives.
Though Italian Premier’s austerity plan enjoys parliamentary consensus, many in the main opposition parties are skeptical that the proposed measures might be unfair on the poor in society. They are going to be the hardest hit of the austerity cut.
Thursday, November 17, 2011
Italy’s Mario Monti proposes big plan for reform and growth
After coming to power on Wednesday, Mario Monti’s new government on Thursday made public its plan to bring in stringent reforms to turn around country’s economy. The highlights of the measures proposed by the new Italian PM are ¬– budget cut, revenue hike, change in labor law and pension system and bringing down tax evasion.
From what appears to be a major shift since ex Italian Premier Silvio Berlusconi’s departure, the present Italian government has made its priorities clear and its intention sincere. Italy is not afraid to take on the challenge posed by debt crisis. Mario Monti urged that how fast and successfully Italy can come out of debt crisis would also have a positive and significant bearing on ‘Euro’ and the Euro zone. For that Italy needs to act fast and push for sweeping changes. Monti, the ex- EU commissioner, said that he is counting on the European Union to lend support to Italy.
On Thursday's confidence vote, the Italian Prime Minister has got thumping victory from his Senate. He is set for another confidence vote on Friday.
From what appears to be a major shift since ex Italian Premier Silvio Berlusconi’s departure, the present Italian government has made its priorities clear and its intention sincere. Italy is not afraid to take on the challenge posed by debt crisis. Mario Monti urged that how fast and successfully Italy can come out of debt crisis would also have a positive and significant bearing on ‘Euro’ and the Euro zone. For that Italy needs to act fast and push for sweeping changes. Monti, the ex- EU commissioner, said that he is counting on the European Union to lend support to Italy.
On Thursday's confidence vote, the Italian Prime Minister has got thumping victory from his Senate. He is set for another confidence vote on Friday.
Sunday, November 13, 2011
Mario Monti on the hot seat as new Italian Premier
Only a day after the exit of Berlusconi, Giorgio Napolitano as the President of Italy gave his formal approval to Mario Monti to become the new Prime Minister on Sunday. In doing so, the cool and competent 68-year-old Monti has replaced the charismatic and flamboyant Silvio Berculoni to head Italy. Lovingly called ‘Super Monti’, the new Italian Premier has recently received the “senator for life” title from the Italian President for his distinguished role as an economist and as ex-European Commissioner.
It is said that Mario Monti had initially showed interest to form a coalition government, but after most of the major parties showed their reluctance, that idea was shelved. It is now expected that the new cabinet would consist largely of technocrats.
As the new Italian Premier, Mario’s priority will be to implement austerity measures, arrest Italy’s piling debt crisis and win back the confidence of financial markets. Not an easy task, considering that Monti will be closely watched not only by his own country, but also by the EU leaders and skeptical investors. It is indeed ‘the’ testing time for Italy’s Super Mario and also a nerve-racking moment for Europe who are desperate to cut back on Euro risk (currency).
It is said that Mario Monti had initially showed interest to form a coalition government, but after most of the major parties showed their reluctance, that idea was shelved. It is now expected that the new cabinet would consist largely of technocrats.
As the new Italian Premier, Mario’s priority will be to implement austerity measures, arrest Italy’s piling debt crisis and win back the confidence of financial markets. Not an easy task, considering that Monti will be closely watched not only by his own country, but also by the EU leaders and skeptical investors. It is indeed ‘the’ testing time for Italy’s Super Mario and also a nerve-racking moment for Europe who are desperate to cut back on Euro risk (currency).
Italy’s Silvio Berlusconi bows out of Prime Ministership
Silvio Berlusconi, the longest-serving Italian Premier since World War II, stepped down on Saturday. His exit marks an end to a political career spanning almost two decades. The resignation of the three-time elected Premier in Italy came immediately after the parliament gave sanction to austerity measures to address debt crisis.
With Berlusconi’s big exit, President Giorgio Napolitano is now expected to appoint a new government, probably headed by a technocrat. The name that is coming up as the most likely candidate for the prime ministerial’s post is that of Mario Monti. His role as a respected economist and also as former European Commissioner gives him an edge over others in leading Italy through the current debt crisis and stepping up economic reforms. Monti is also said to enjoy the support of financial and European institutions.
The priority of the new government would be to step up measures to reduce Italy’s huge public debt (amounting to 1.9 billion Euros), steer its economy on the path of growth and to get back investors’ confidence in Italian economy.
Though Silvio Berlusconi’s party, Pasok, has given its support to Mario Monti, they might want to have a say in the composition of new cabinet.
With Berlusconi’s big exit, President Giorgio Napolitano is now expected to appoint a new government, probably headed by a technocrat. The name that is coming up as the most likely candidate for the prime ministerial’s post is that of Mario Monti. His role as a respected economist and also as former European Commissioner gives him an edge over others in leading Italy through the current debt crisis and stepping up economic reforms. Monti is also said to enjoy the support of financial and European institutions.
The priority of the new government would be to step up measures to reduce Italy’s huge public debt (amounting to 1.9 billion Euros), steer its economy on the path of growth and to get back investors’ confidence in Italian economy.
Though Silvio Berlusconi’s party, Pasok, has given its support to Mario Monti, they might want to have a say in the composition of new cabinet.
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