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Italy, the deficit, and the noose of Brussels

The latest, incredible but true, performances of European institutions in public finance. Damato's Insights.

If the abbot Martin famously lost his cloak by one point, Italy lost its exit from the so-called infringement procedure by a tenth of a point, and with it the accounting and social inconveniences in participating in the European Union. That 3.1 percent deficit compared to GDP, instead of 3, naturally made the opposition of every degree and color rejoice – already too euphoric – by admission of some left-wing figures – over the referendum victory of the no to the constitutional reform of the judiciary.

The spectacle seems depressing even for Europe, whose rules – once defined as “stupid” even by a president, incidentally Italian, of the Brussels Commission – are paradoxically the primary reason for its crisis. And this in a world worse off than the old continent, amid wars, fake truces, penultimate ultimatums and competing blocks, Iranian and American, of that jugular vein of oil and more that is the Strait of Hormuz littered with mines.

It is amusing, or laughable, that kind of challenge raised by the Minister of Economy Giancarlo Giorgetti suggesting the possibility of making it “alone,” moreover in a political and parliamentary context where confidence votes pass from one to another, between the Chamber and the Senate, to approve laws like the conversion of a decree on security that the Head of State intends to sign, at the limits of expiration, only together with another that corrects it. From depressing the spectacle becomes surreal.

In such a situation, seeing what and how the European Union conceived with other objectives and for other prospects has been reduced to, which is decimating even our now former main ally across the Atlantic practically closer to Putin than to us, and to the Ukrainians, let me give in to the temptation of populism, sovereigntism, anti-Europeanism, etc., recognizing myself in the outburst of Libero, and its editor Mario Sechi, with whom I collaborate not coincidentally, against “the European stability pact that “has broken” and “the noose of Brussels” that “risks suffocating us.” To hell with hypocrisy.

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