19 AUG 2013 22:42 EDT
Frederik Ducrozet, Senior Economist - Eurozone
Crédit Agricole via eFXnews
In the meantime, Italian politics could well return to the spotlight, possibly bringing some market-friendly headlines notwithstanding the inherent fragility of the situation. Speaking at the Rimini annual meeting on Sunday, Prime Minister Letta insisted on the need to change the electoral law, adding that a proposal aimed at forbidding the public financing of political campaigns will be submitted for approval to the Lower House in October.
Some further progress on that matter can not be ruled out as soon this week. Mr Letta also said that his government would continue to implement structural reforms while keeping the commitment to reduce public spending and cut (some) taxes.
Meanwhile Flavio Zanonato, the Minister of Economic Development, explained that a solution should be found to reduce the property tax by the end of the month – the infamous IMU on main residences which was introduced by Berlusconi in 2012. In addition, Mr Zanonato announced that the government has been preparing a “package” of economic initiatives to help SMEs to restore their competitiveness, including an emergency measure to cut electricity prices.
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