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Save Italy

Save Italy was the name of the economic recovery plan proposed by then- Italian Prime Minister Mario Monti. The Italian economy was suffering due to the Euro area crisis. The package of fiscal adjustments was worth €30 billion ($40 billion) over three years it included, tax increases, pension cuts, stronger protection against tax evasion, and an increase in the retirement age. The goal of the reform package was to reduce Italy's debt, balance the budget and increase investor confidence.

The first set of reforms was passed by Parliament in December 2011. The second set was passed in December 2012 with a vote of 309 to 55. Following the passage, Monti resigned from his position as Prime Minister.

Background

Under the administration of Prime Minister Silvio Berlusconi Italy had become involved in the Euro area crisis.[1][2] Monti, a technocrat, was appointed to replaced Berlusconi as Prime Minister, he proposed a new economic plan which called for fiscal adjustments of €30 billion ($40 billion) over a three year period. It included tax increases, cuts to pension programs, stronger protection against tax evasion, and an increase in the retirement age.[3][4] Monti hoped that the plan would reduce Italy's debt, balance the budget and increase investor confidence.[3] Additionally, part of the reforms included decrease in the salary for the Prime Minister.[5] Monti claimed the plan was necessary to prevent the Italian economy from becoming like Greece, who was also suffering from the crisis.[6]

Passage

Monti with then-United States Secretary of State Hillary Clinton, 2012.

On 16 December 2011, the Lower House of the Italian Parliament adopted the measures by a vote of 495 to 88.[7] Six days later the Upper House approved it by a vote of 257 to 41.[8]

On 12 December 2012, the plan was passed by the Italian Parliament with 309 MPs voting in favour and 55 voting against. Following the passage of the second bill Monti resigned from his role as Prime Minister.[9]

References

  1. ^ Meichtry, Christopher Emsden And Stacy (2011-12-15). "Italy Calls Confidence Vote". The Wall Street Journal. ISSN 0099-9660. Retrieved 2025-04-09.
  2. ^ Watt, Andrew (2011-07-12). "As Italy wobbles, Europe needs a bold new debt-crisis strategy". The Guardian. ISSN 0261-3077. Retrieved 2025-04-09.
  3. ^ a b "The new prime minister pleases markets but spooks the people". The Economist. December 10, 2011. Archived from the original on May 18, 2012. Retrieved April 5, 2012.
  4. ^ "Italy's Prime Minister $40 Billion 'Save Italy' Plan". NPR. December 5, 2011. Archived from the original on March 4, 2016. Retrieved April 3, 2018.
  5. ^ "Italy crisis: Mario Monti announces austerity plan". BBC. 4 December 2011. Retrieved 10 February 2012.
  6. ^ Armitstead, Louise (5 December 2011). "'Save Italy' plan pulls bonds back from brink". The Daily Telegraph. Archived from the original on 26 June 2012. Retrieved 3 April 2018.
  7. ^ "Italy's Monti wins confidence vote over austerity". BBC. 16 December 2011. Retrieved 9 April 2025.
  8. ^ "Italy senate passes Monti's austerity package". BBC. 22 December 2011. Retrieved 9 April 2025.
  9. ^ "Italy's Mario Monti resigns, as MPs pass budget". BBC News. 2012-12-21. Retrieved 2025-04-09.

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