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  • Lorenzo Codogno

Are Germany and The Netherlands broken enemies of Italy?

Lorenzo Codogno, London School of Economics. Biography: He is the founder & Chief Economist of LC Macro Advisors Ltd. He was Chief Economist and Director General at the Treasury Department of the Italian Ministry of Economy & Finance (May 2006-February 2015). Formerly at OECD and Senior Economist at Bank of America.

Are Germany and The Netherlands broken enemies of Italy? Well, no! “Italy missed an opportunity to put its house in order in the past … the others did with sacrifices … a compromise must be struck … people need to understand what Europe stands for … without actions Italy’s GDP might contract of 10%, debt to GDP jump to 160%, a worst spread would cause Italy’s default .. time is of essence to avoid a financial crisis and to rebuild Europe’s economy… virtual meetings are an obstacle to back-door negotiations … a proposal must be found by this Friday” says Lorenzo Codogno.

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