The Italian prime minister has suffered the fate so famously suffered by Dennis Healey when under attack from Geoffrey Howe for his economic policies. Wolfgang Munchau's problems with the euro and its unaccountable survival are well-known. On 27 November 2011 in the Financial Times he wrote a sheepish piece red in tooth and claw: the government bond market had seized up across the eurozone; the banking sector was broken too; major parts of the eurozone economy were cut off from credit; the zone was being subjected to an investors' and retail run; the rescue mechanism was being destroyed by a massive erosion of trust...
" The eurozone has 10 days at most....". Baaaaaa.
This afternoon Italy's spread was under 355 [255, honestly!, ed. ], less than half what it was in November 2011, the euro stands at over 1.33 to the dollar, Monti has worked with Draghi and Merkel to stabilise the third largest economy in the eurozone and to re-establish a respected and respectable voice in European and world affairs. Baaaa.
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