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Gladiators of the eurozone fight for life
Fairly long for a Peshawar piece, but a good overview of the fragility and poor economic performance of the eurozone (the eurozone comprises those states which have adopted the euro - not to be confused with the EU, though it is a subset of the larger union.)For rent: amphitheatre, 160ft high, with seating capacity for 50,000. In need of refurbishment. Central location in eternal city, suitable for games, circuses and gladiatorial contests. They have not put a price on it yet, but if you fancy taking on the ultimate wreck as a second home, you might be able to rent the Colosseum in Rome. No, really. The giant arena, built by the emperor Vespasian in ad72, could soon be available as part of a programme by Silvio Berlusconi's government to meet its urgent need for cash. Here is what Daniele Molgora, a junior economics minister, said in an interview last week: "Selling the Colosseum? No. The national patrimony must be protected. But we have the most beautiful artistic possessions in the world and to think of leasing them to private individuals, under the control of local cultural authorities, would mean to raise income for the country." Mr Molgora risks being dispatched by some Russell Crowe lookalike, judging by the reaction of the Italian media and opposition parties. Just imagine the cries of indignation if some trunk-wearing Brit moved into a ruin in Pompeii, or Starbucks opened a branch in the Roman Forum. We should thank our lucky stars that, despite Labour's curious attempt to turn us into a Euro-economy - through its taxes, regulations, flirtation with the euro and now its desire to ratify the European Constitution - we are not yet in the position of Italy. Unlike in Britain, where growth, though slowing, is likely to be 3.5 per cent this year, the Italian economy is crawling along, as are those of France and Germany. Italy has the lowest birth rate of any advanced nation, and debts three times those of Britain. This year, according to the IMF, the Italian economy will grow at a paltry 1.4 per cent, followed by two per cent in 2005. Even those numbers could be overestimates. Since the IMF made its forecasts last month, the price of oil has shot above $50 a barrel, raising costs for the world economy generally. Posted by: Bulldog 2004-10-18 |
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