Word: tremonti
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Dates: during 2000-2009
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French President Nicolas Sarkozy has spent the past year hammering away at the excesses of American-style capitalism. In September, European Commission President Jose Manuel Barroso declared that workers' rights and "social cohesion" were top priorities on the Old Continent. And Italy's veteran Economy Minister, Giulio Tremonti, went out of his way last month to praise the posto fisso (guaranteed job for life) as a supreme public value. (See which businesses are bucking the recession...
...their capitalist bona fides as part of a generation of European business and government leaders who had pushed for reforming the welfare system and opening up the job market. Often in open ideological war against the entrenched interests of labor unions and leftist politicians, the likes of Sarkozy and Tremonti had long insisted that free-market reforms were the only way to create a more dynamic Europe in an increasingly competitive globalized economy...
...Tremonti, Silvio Berlusconi's top economic-policy aide since the media mogul first entered politics promising Thatcherite reforms, has been accused by his critics of adopting a populist strain similar to Sarkozy's. He shocked the Italian establishment with a vigorous Oct. 19 defense of the job for life, which many in the center-left opposition don't even stand up for anymore. "Mobility in itself isn't a value," he told a Milan conference. "The lifetime job is the base on which to build a life and a family. For me, the fundamental objective is stability of work, which...
...down with "trash" and "gossip." It's possible, if the investigation into the prostitution allegations came to any embarrassing conclusions, that Berlusconi might have to step down, opening the way for a caretaker government headed by someone like Bank of Italy Governor Mario Draghi or Economy Minister Giulio Tremonti. But don't count Berlusconi out yet. Perennial challengers like parliament Speaker Gianfranco Fini on the right and former Prime Minister Massimo D'Alema on the left, have largely lost credibility in the face of their opponent's political savvy. Italian politics is beginning to look like a season...
...itself no paragon of arm's-length transactions. Yet even Berlusconi finally found enough moral high ground to call on Fazio to resign his lifetime post after Finance Minister Domenico Siniscalco quit in protest when his calls for Fazio to step down had no effect. Siniscalco's replacement, Giulio Tremonti, who clashed with Fazio in an earlier stint as Finance Minister, tried to force him out by snubbing him at an International Monetary Fund meeting in Washington. Fazio still refused to budge...