Italian hopes and hard truths

Italian hopes and hard truths
Italian president Sergio Mattarella. Pic: Getty

The delusion that a member government of the euro zone could make whatever fiscal decisions it chooses, and still expect that its fellow members and their Central Bank would passively support it, has been exposed

The President of Italy is being widely condemned. His decision to reject the choice for finance minister of the prospective ruling coalition has drawn criticism from across the political spectrum. Many in Italy and elsewhere see it as the undemocratic action of a puppet president. They argue passionately that he has usurped Italian democracy at the illegitimate behest of malign forces in Frankfurt, Berlin and Brussels. I disagree.

The long dominance of the deutschmark (DM)...

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