After dominating Italy's political arena for 18 years, Prime Minister Silvio Berlusconi resigned on 12 November in response to mounting pressure from international financial markets. Previous attempts to regain investor confidence had failed, as the Berlusconi administration was unable to implement the much-needed structural reforms and quell concerns about the sustainability of the country's debt. On the same day, parliament approved the Stability Law, which Berlusconi had set as a condition for resigning. The bill includes financial stability measures aimed at reducing the debt burden of 120% of GDP in 2010 - the second largest in the Euro area after Greece. The package of economic reforms includes, among other measures, increasing the retirement age to 67 by 2026, the sale of state-owned real estate and the privatization of a number of municipal public services. On the following day, President Giorgio Napolitano appointed former European Commissioner Mario Monti as head of a new technocratic government composed of non-partisan experts. As well as acting as Prime Minister, Monti will also lead the finance and economics ministries. The new government will be supported by all the political forces represented in the Italian parliament, with the exception of the Northern League party ? Berlusconi's former main ally. The Monti administration faces the task of pushing through further austerity measures in order to relieve market pressure on the country's debt. The new government will remain in office until 2013, when the next elections are scheduled. However, local analysts don't rule out the possibility that Italian lawmakers will push for early elections, thereby giving the government just enough time to approve the most urgent reforms.
Italy Consumer Confidence
Consumer confidence remains stable in October
November 10, 2011
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Italy Economic News
October 14, 2016
According to revised data released by the Italian Statistical Institute (ISTAT), consumer prices fell 0.2% from the previous month in September.
October 10, 2016
In August, industrial output increased 1.7% from the previous month, accelerating from July’s revised 0.7% increase (previously reported: +0.4% month-on-month).
October 3, 2016
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) rose from 49.8 in August to 51.0 in September, taking it above the 50-threshold that separates expansion from contraction in the manufacturing sector. September’s result mainly reflected a return to growth in new orders, which, in the previous month, had dropped slightly for the first time in over one-and-a-half years.
September 30, 2016
According to provisional data released by the Italian Statistical Institute (ISTAT), consumer prices fell 0.2% over the previous month in September, contrasting August’s 0.2% increase and marking the lowest result in seven months.
September 28, 2016
The National Institute of Statistics’ (Istat) composite business confidence indicator (IESE, Istat Economic Sentiment Indicator), which covers the manufacturing, construction, service and retail sectors, increased from a revised 99.5 in August (previously reported: 99.4) to 101.0 in September. All four categories of the indicator improved compared to August.