Former ECB president Mario Draghi arrives for a meeting with the Italian president, who has asked him to form a government

EU has deliberately avoided going down the route of the last sovereign debt crisis, in which the technocratic government of Mario Monti was under pressure to enact brutal economic programmes and a hard-charging austerity drive.

The country was ranked 58th globally in the World Bank’s Ease of Doing Business report for 2020 — with low results for features such as enforcing contracts and paying taxes. That put it just below Romania, Kosovo and Kenya.

FT 9 February 2021

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