The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Il gatto e' fuori dal sacco

Trouble at t'windmill?

Not exactly how Romano Prodi would admit that the cat was out of the bag in his native tongue, but, thanks to him, one particular issue is now well and truly out in the open. His statements on Italian inflation and the euro have, at last, drawn attention to problems highlighted by Euromoney in our cover story in April 1998.

Prodi said that if Italian inflation rose much more, the strains on the economy caused by membership of the euro would be too much to bear and that Italy might, in those circumstances, have to pull out of the eurozone. This is the most sacrilegious thing a eurozone politician can say. After all, there is no mechanism in place to allow countries to leave the euro once they have joined. Apostasy is so unthinkable it is legally impossible.

His remarks may have been caused by his upbringing. Prodi, one of seven siblings, is described as religious and sensitive to the needs of the less-well-off members of society. He is from the Emilia Romagna region whose inhabitants are considered by other Italians to be generous to a fault and always ready to fight any form of injustice and inequality.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree