Carlo Ciampi's Herculean task

Article Abstract:

Newly elected Ciampi, an economist, was voted in for the purpose of repairing a damaged economy in a country that has been plagued by corruption. He has a daunting task ahead, with public debt high and a budget that needs balancing. Prospects for economic growth appear dim.

Economic policy, Ciampi, Carlo Azeglio

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Antonio's turn: Bank of Italy

Article Abstract:

Bank of Italy deputy director Antonio Fazio was the surprise choice to replace new Italian prime minister Carlo Ciampi as the bank's governor. Moody's downgraded Italy's debt rating, acknowledging that Fazio must be tough with the government to curb public spending.

Officials and employees, Appointments, resignations and dismissals, Central banks, Banca d'Italia, Fazio, Antonio

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The economic imperative

Article Abstract:

Italy's budget deficit now amounts to 108% of the gross domestic product and has a pronounced effect on rising interest rates. The Italian government must reduce the budget by lowering spending and increasing revenues.

Budget deficits, Deficit financing, Deficit spending

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