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2018-05-22

Italy’s new rulers could shake the euro Wolf

Between 1997, when the eurozone was launched, and 2017, Italy’s real gross domestic product per head rose 3 per cent — a worse performance than that of Greece.

Today, debtor and creditor positions inside the European System of Central Banks surpass their scale during the crisis of 2012.

In 1991, I argued of monetary union: “The effort to bind states together may lead, instead, to a huge increase in frictions among them. If so, the event would meet the classical definition of tragedy: hubris (arrogance), ate (folly); nemesis (destruction).”



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