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June 2nd 2005

Italy to return to Lira?

In an interview with a prominent Italian newspaper, Italy’s Welfare Minister suggested that Italy abandon the Euro and return to the Lira. While the Minister’s comments do not represent official government policy, he is not alone in his beliefs that the Euro has failed Italy. Italy’s economy, like those of France and Germany, is stagnating. Ironically, one of the few developed nations in Europe to experience economic growth is Britain, which is not a member of Europe’s monetary union. Italy’s welfare minister juxtaposed Italy’s recession with Britain’s growth to underscore the failure of the Euro. He argued Italy’s inability to establish independent fiscal and monetary policies has prevented the nation from recovering economically. The Financial Times reports:

"It’s been three years now that the euro, not through its own fault but because of those who managed the move to the single currency, has shown that it’s not capable of dealing with the slowdown in economic growth, the loss of competitiveness and the employment crisis," he said.

Read More: Italian minister moots return of lira

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Posted by Adam Kritzer | in Euro | No Comments »

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