Italys populists are united in their quest to wrest power away from the European Union
Italy’s populists are getting ready to uncork the prosecco. Only four months after taking power, unlikely allies Luigi Di Maio of the anti establishment Five Star Movement and Matteo Salvini of the anti-migrant League have picked a fight with Brussels that they could well win.
Italy and the 18 other countries that use the euro as their currency have until Oct. 15 to submit their 2019 spending plans to the European Commission for approval. The “people’s budget” Di Maio and Salvini are drafting seeks to make good on costly election promises, while flying in the face of European Union rules that set limits on government deficits and debt. If the EC blinks, Rome gets away with new-style Keynesian stimulus, defying the prevailing austerity. If it’s thumbs down, the Italians get a reprimand, which they can exploit to cement their hold on power by rallying their base and revving up their offensive against the Brussels elite. “For the populist government, it’s a win-win,” says Giovanni Orsina, head of the School of Government at Rome’s Luiss-Guido Carli University. “If the EU says no to the budget, that’s a godsend—they’ll fight their campaign for the European Parliament elections next May on that.”
Denne historien er fra October 15, 2018-utgaven av Bloomberg Businessweek.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra October 15, 2018-utgaven av Bloomberg Businessweek.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Instagram's Founders Say It's Time for a New Social App
The rise of AI and the fall of Twitter could create opportunities for upstarts
Running in Circles
A subscription running shoe program aims to fight footwear waste
What I Learned Working at a Hawaiien Mega-Resort
Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.
How Noma Will Blossom In Kyoto
The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking
The Last-Mover Problem
A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps
Tick Tock, TikTok
The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban
Cleaner Clothing Dye, Made From Bacteria
A UK company produces colors with less water than conventional methods and no toxic chemicals
Pumping Heat in Hamburg
The German port city plans to store hot water underground and bring it up to heat homes in the winter
Sustainability: Calamari's Climate Edge
Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment
New Money, New Problems
In Naples, an influx of wealthy is displacing out-of-towners lower-income workers