Italian Economy Minister and President of the Group of Seven finance ministers GiulioTremonti, in a newspaper article entitled “The American Way”, has criticised stimulus plans like those followed by the U.S. He feels they will not solve the current global recession and risk sowing seeds for future crises. The offical warned “Economic growth hasn’t risen, but on the other hand public debts have risen” adding “the pessimism of reason” would suggest “an alternative approach.”
This alternative approach should be based on a new set of rules all countries should agree to covering “all the main aspects of capitalism as it has degenerated in recent years” including finance, fiscal policy and trade. The Italians will propose this approach, which it has dubbed a “legal standard” at the G7 on Friday. Bet they can’t wait. The words “fiddled”, “rome” and “burnt” come to mind.
