Questo articolo è stato pubblicato il 21 settembre 2011 alle ore 10:23.
In the United States, total debt (State, companies, financial and families) is three and a half times the gross domestic product. The geography of the world has changed its "capitals" and many countries that were poor in the past are rich today, among contradictions, unfinished democratic processes, great unbalances, spirit of sacrifice and desire to do things.
There has been no new Bretton Woods and speculative finance continues to rule (like before, more than before).
In just one evening, in July of 1790, three men, Alexander Hamilton on one side, Thomas Jefferson and James Madison on the other, reached a compromise and created the Unites States of America: a capital, an army, a state budget and Treasury bonds. After more than two centuries, Europe created the euro and then stopped: unfortunately, Chancellor Angela Merkel and the President of the French Republic Nicolas Sarkozy together do not make one Kohl
Making little Italy pay the bill for all of this is too much. We wrote many times that the work and the savings of Italians deserve respect. Even if it is true that the crisis is global and needs global leaders and answers that are late in coming or are not coming at all, it is as much true that as we warned ("Woe betide if Italy becomes a State to sell", Saturday, July 30th) that, after Greece, the first Country that is at risk is Italy. This is because of the fragility of its government coalition, the embarrassing list of scandals that touch directly the Prime Minister, his ministers and direct collaborators, the continued lack of capability of making painful but necessary decisions and an overall picture of violated decorum of institutions. Hearing Jacques Attali say all this in front of the elite of the Made in Italy business community, as he did yesterday in Bologna, guarantees a certain effect.
The Country's credibility at this time is too important to be sacrificed at the altar of any political, or even worse personal, calculation, even though legitimate. The general interest comes before the individual one (it is right for it to be this way) and rescuing Italy from the perverse spiral – Greek default, lack of confidence on Italy and its and French banks, lack of confidence on Europe that has trouble "saving" Italy, the banks and itself – is a categorical imperative.
The Prime Minister should prove that he really loves Italy and have, therefore, the strength and the will to step aside if forced to acknowledge (as everything seems to indicate) that he cannot succeed in doing what is needed. He should do it in the interest of the Country, behaving as a man of the State and as a man of the economy. After Greece, Mr. Prime Minister, it cannot be Italy's turn, never ever. For once he should turn the other way and remember that great responsibilities impose also great sacrifices. We know that it will cost you, but you should also know that history (after this gesture) will know how to recognize it.
(translated by Yael Schrage)
Ultimi di sezione
di Martin Wolf
di i Giorgio Dell’arti