Published: Thu, June 07, 2018
Markets | By Otis Pena

Italy Politics: Italy PM calls European Union immigration policy a failure

Italy Politics: Italy PM calls European Union immigration policy a failure

A lawyer with no background in politics, the Italian premier confirmed that "populist" would be an appropriate descriptor for Italy's new government - a coalition of the national conservative League (Lega) party with the anti-establishment Five Star Movement (M5S). "If populism is the attitude of listening to people's needs, then we lay a claim to it".

Di Maio is labour and industry minister in Conte's government, and Salvini is interior minister, raising doubt about whether the prime minister, a political novice, can put his own stamp on the government's agenda. But 5-Star Senator Michele Giarusso defended the choice of "the government a lot of us were waiting for". Visit MarketWatch.com for more information on this news.

"While worries over Italy may have subsided somewhat, the bottom line is that the USA economy is doing better than its European peers, and this will continue to weigh on the euro", said Shin Kadota, senior strategist at Barclays in Tokyo. Italy's 10-year government borrowing costs rose 18 basis points to 2.74 percent after hitting a one-week low of 2.509 percent on Monday.

He said: "We will forcefully seek to overcome the Dublin Regulations in order to obtain the effective respect of the principle of equal distribution of the responsibility to set up an automatic system of obligatory re-distribution of asylum seekers".

"The speech shows there are no signs that any of their proposals will be watered down", said Antoine Bouvet, an interest-rates strategist with Japanese bank Mizuho.

Italy, he said, will reduce its hulking public debt, but "we want to do it by increasing our wealth, not through the austerity measures that in recent years have allowed it to grow".

'A Star is Born' trailer starring Bradley Cooper and Lady Gaga
Andrew Dice Clay, Dave Chappelle and Sam Elliott co-star in the pic, which hits theaters in the brunt of awards season October 5. Gaga was adamant Cooper not rely on prerecorded tracks and instead have all the performers sing live during filming.


He also referred to the coalition's promise to introduce a flat income tax, but he gave no details nor a timetable for implementing policies - except to say that the government had a medium-term to long-term vision.

Mr. Conte mostly avoided foreign affairs, other than to talk up the sanctity of Italy's relationship with the United States and North Atlantic Treaty Organisation, before adding: "Mind you!"

In an address to senators, Prime Minister Giuseppe Conte said a top priority for the government was ending illegal immigration and strengthening ties with Russian Federation.

Tuesday, Il Giornale reported the beginning of a "Salvini-Orbán axis" following a telephone call between Lega interior minister Matteo Salvini and Hungarian premier Viktor Orbán in which the pair pledged to "change Europe together".

Later this week Conte will attend the G7 summit in Canada and will take part in a key European Union summit at the end of the month.

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