Sunday

25th Sep 2022

Northern League launch campaign to revive lira

The Italian Northern League party launched a campaign to revive the lira at an 85,000-strong rally of its supporters on Sunday (19 June)

The party, which holds minister posts in Silvio Berlusoni's government, called for a revival of the lira as a "parallel currency" to the euro, which would remain the currency of the state budget, tourism and foreign trade.

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Under Italian law, a referendum must be held if half a million signatures are collected.

Many economists have branded the idea "bizarre", but not Stanford professor Ronald McKinnon.

Speaking at a European Central Bank conference in Frankfurt he said there is some credence to the view that maybe Italy should be split off and have its own currency. "Even if we know it would all go wrong", he said according to the Telegraph.

In June, Italy became the first country to face disciplinary action under the EU's adjusted stability pact because of a ballooning budget deficit.

Berlusconi attacks euro

Italian prime minister Silvio Berlusconi called the euro a "rip-off" that "screwed everybody" in a vitriolic attack on opposition leader Romano Prodi.

Analysis

Investors in renewables face uncertainty due to EU profits cap

While a cap on revenues from renewables is aimed at redirecting excess profits from low-cost electricity generation back to consumers, analysts and industry groups argue such measures come with risks — and at a bad time.

EU sanctions hamstrung by threat to food security

The EU has lifted some restrictions on the trade and financing of Russian coal and chemical to avoid an energy and food security crisis in poorer countries, but the upcoming ban on oil may have an even deeper impact.

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