After President Barroso’s opening, the highest officers of the European Union are apparently rushing to distance themselves from austerity. Commissioner for Economic Affairs Olli Rehn and ECB Vice-Director Victor Constancio both advocated a ‘slowing down’ of the process of budget rebalancing.
Socialist French President Francois Holland of course agrees. So does Italian prime minister designate Enrico Letta, who is even considering Berlusconi’s controversial suggestion to refund to taxpayers the hated real estate tax.
Italy is therefore sending reinforcements to the camp of flexibility and growth. The question is: will such reinforcements be useful under the command of a controversial bipartisan Government which will be constantly under attack itself by the Five Stars Movement ?