We all enjoy reading, from time to time, Wolfgang Munchau’s pieces, which are a variation on his regular criticism of and frustration with German Chancellor Angela Merkel with regard to the euro area crisis.
But he overlooks both the dangers of the game of chicken he suggests and the achievements of my government, which was called to act in an emergency situation
In November 2011, Italy was close to being shut out from the financial markets. Reducing the financing needs in this case was an imperative, and this could only be done by raising taxes, which to a large extent had been decided but not implemented by the previous government. There was no additional fiscal correction in 2012 despite the worsening of the international context and the earthquake that struck the Emilia Romagna region. Instead the adjustment…
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