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Europe Needs a New Italian Renaissance
By FERDINANDO GIUGLIANO
IF YOU’RE SEEKING the key to the euro zone’s economic outlook, all roads lead to Rome.
Italy’s public debt of €2.4 trillion ($2.7 trillion) is significantly bigger than its economy and among the largest in the currency union, making it the most dangerous. This debt mountain threatens the financial stability of Italy and the future of the euro: Any plans to strengthen the single currency must solve the question of who will bear this burden.
For centuries, it was bankers from the Italian peninsula who helped foreign states handle their finances. Luca Pacioli, a Tuscan- born Franciscan friar, is widely considered the father of modern bookkeeping thanks to his work on the double-entry system. The Medici lent extensively to royalty across Europe, including the French and the English. In 1340, King Edward III of England defaulted on loans received from Italy to fight France in the Hundred Years’ War, bankrupting the Bardi and Peruzzi banking families.
This story is from the April - May 2019 edition of Bloomberg Markets.
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This story is from the April - May 2019 edition of Bloomberg Markets.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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