October 26, 2006

Are we detecting some envy?

Sir, in your editorial “Italy can save itself”, October 26, you prescribe fiscal discipline and no one would argue with that. But, from there on, your suggestions seem more subjective. For instance when you hold that Italy absolutely needs to change from traditional family controlled ownership to general shareholder control this ignores the effects this could have on Italy’s social fabric. Also, we agree that incurring more household debt could be good but, to claim as you do, that this could signify the start of a virtuous cycle seems to be stretching the concept too far. On Italy’s families closeness and low household debts are we perhaps detecting a hint of UK envy?