Italy’s budget plans look irresponsible
As the FEAR that interest rates could stay higher for longer sinks in, government-bond yields across the rich world are rising. America’s ten-year Treasury yields, at about 4.7%, are at their highest since 2007. The Bank of Japan has ramped up its bond purchases to maintain its cap on yields. In Europe on October 4th the yield on ten-year German Bunds crossed 3% for the first time in more than a decade.
Unless she reins in spending, Ms Meloni looks set on a collision course with the European Commission, the central bank and investors. In an ideal world, Italy would follow the eu’s fiscal rules, designed to ensure that its public finances stay out of danger. Alas, this will be hard to pull off. For a start, the rules are not realistic. To expect Italy to hit a debt-to-gdp target of 60% over a set number of years, as they do, is ridiculous.
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