Wednesday

10th Aug 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.

Almost two-thirds of Europe in danger of drought

Data released by the European Drought Observatory show 60 percent of Europe and the United Kingdom is currently in a state of drought, with farming, homes and industry being affected. Drought conditions have also led to an increase in wildfires.

Droughts prompt calls to cut water use amid harvest fears

With the prolonged lack of rain and high temperatures, fears have emerged over water shortages and droughts decreasing crop yields — prompting calls to use less water and reuse urban wastewater for agricultural irrigation.

EU 'must tax pesticides' to cut use, expert warns

The European Commission put forward a new proposal to reduce pesticides in mid-June. But experts warn that it is based on weak rules, and that European agriculture is stuck in a "permanent pesticide-dependence."

Brazil pitches itself as answer to Ukraine war food shortages

Brazilian president Jair Bolsonaro is pitching his Latin American country as the answer to the world food crisis following the war in Ukraine. The traditional wheat importer has now exported three million tonnes of the grain so far in 2022.

Brazil pitches itself as answer to Ukraine war food shortages

Brazilian president Jair Bolsonaro is pitching his Latin American country as the answer to the world food crisis following the war in Ukraine. The traditional wheat importer has now exported three million tonnes of the grain so far in 2022.

Opinion

Exploiting the Ukraine crisis for Big Business

From food policy to climate change, corporate lobbyists are exploiting the Ukraine crisis to try to slash legislation that gets in the way of profit. But this is only making things worse.

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