Italy needs structural reform and cannot cut taxes with also cutting spending, Lorenzo Bini-Smaghi, Vice President and Executive Board member at the ECB says. Proceeds from tax amnesty cannot be used for present expenditures, he says.
The last thing the market cares about at the moment is European budget politics, but I found the Italian on Italian crime mildly interesting.
EUR/USD has recovered to the 1.4740s as stocks and commodities halt their slides, at least temporarily.
