German politicians and media are intensifying pressure on Rome in anticipation of today’s EU Commission verdict on Italy’s national budget. Already last week, EU Budget Commissioner Günther Oettinger announced, in reference to the Italian deficit, that the Italian government must “correct” its draft budget. Media reports refer to a “black week” for Rome. Negative reporting – like rating agencies’ devaluation of Italy’s creditworthiness – can contribute to the destabilization of Italy’s financial and credit markets. The country’s current downward spiral threatens to re-escalate the banking crisis. Whereas Berlin insists that the EU take sharp measures against deficits, Germany’s Finance Minister at the time, Wolfgang Schäuble had prevented the EU Commission from taking measures against excessive surpluses, which the commission sees as potentially just as destabilizing. Germany has been achieving these surpluses year after year.
EU politics
Owen Jones: Labour must be bolder – only a wealth tax can defeat inequality
Political parties will have to find the courage to start increasing taxes on excessive wealth – of private citizens and of corporations. That is a good start. What can follow is suggested here by Owen […]
Corruption
Corporate Europe Observatory: Cashing in on the pandemic: how lawyers are preparing to sue states over COVID-19 response measures
As governments take action to fight the COVID-19 pandemic and prevent economic collapse big law firms, too, are watching the virus. Yet, their concern is not to save lives or the economy. Instead the lawyers […]
Economics
Lars Syll: For-profit schools corrupt educational systems — lessons from Sweden
This may come of little surpise. When one thinks about the fees that some universities charge, one can only wonder it they can afford to give their pupils poor marks? Read here
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