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Pammolli, Fabio

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Corriere della Sera - Italy | 08/04/2013

Fabio Pammolli condemns smear campaign against Germany

As was the case with neighbouring Greece, the brunt of the anger in the Cypriot protests against the bank bailout package is directed against Germany and Chancellor Angela Merkel, who is being compared with Hitler. Unfortunately Italy is also contributing, albeit more subtly, to this absurd smear campaign, economic policy expert Fabio Pammolli laments in the liberal-conservative daily Corriere della Sera: "In Italy resentment is growing above all within the elite. … The troika's austerity measures are being put on a par with the deflationary measures of Chancellor Brüning, which helped Adolf Hitler rise to power in 1933. The Hartz reforms of the German labour market are being equated with the protectionist mercantilism of the Reichsbank president and minister for econonomic affairs at the time Hjalmar Schacht. … Emotions and negative slogans are shaping the collective conscience. … They undermine the impact of the rational arguments that, in the specific case of our relations with Germany, make it clear that there is no good reason for this resentment. … We ourselves failed to consolidate our own budget and instead relied on the low interest rates that Germany brought into the monetary union as a dowry."

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