Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Mario Monti will formally take power in Italy this afternoon, officially ending Silvio Berlusconi's reign. Pier Paolo Cito/AP

Monti announces Italian cabinet - and will be his own finance minister

The new Italian cabinet is made up mostly of independent technocrats, and will see Monti double up as PM and finance minister.

MARIO MONTI has unveiled his new Italian cabinet – and is to act as his own finance minister in a bid to streamline his administration.

In a brief press conference after wrapping up talks to form his new administration, Monti told reporters he hoped to prioritise restarting economic growth in Italy.

Doing so will require him to implement “sacrifices”, he added, warning that the road to recovery would not be easy and hinting that he may try to implement further austerity measures.

His economic policies will be outlined in the Italian Senate on Thursday, which – along with the lower Chamber of Deputies – is required to pass a motion of confidence before he can enact any laws.

The chamber is likely to hold a similar vote on Friday, though both houses are likely to comfortably pass the motions given the wide range of support that Monti’s administration has already secured.

The cabinet is largely made up of technocrats who do not have political backgrounds – Reuters said the industry portfolio, for example, would be given to the CEO of the country’s biggest retail bank.

“The absence of political personalities in the government will help rather than hinder a solid base of support for the government in parliament and in the political parties because it will remove one ground for disagreement,” Monti said.

The new cabinet will nonetheless be sworn in later this afternoon, formally ending the three-and-a-half year tenure of Silvio Berlusconi.

Italy’s cost of borrowing remained precariously high on the markets today, though it had fallen slightly to below the 7 per cent mark after Monti announced that he would retain the finance brief himself.

Earlier: Monti set to announce new Italian government

Yesterday: Italian borrowing costs spike again as coalition talks go on

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Close
12 Comments
    Install the app to use these features.
    Mute Harry the Cat
    Favourite Harry the Cat
    Report
    Aug 9th 2014, 9:52 AM

    I would also recommend to everyone to watch out for the International Space station at the moment as it is currently being chased by an ATV (automated transfer vehicle) carrying propellant , water, air, payloads, and experiments. It’s expected to dock with the ISS on Tuesday.
    A really good pass tonight at 11.09 rising from the west and heading south east, you should be able to see both vehicles easily with the naked eye.
    Download ISS spotter for global position and details of all passes.

    24
    Install the app to use these features.
    Mute Horse
    Favourite Horse
    Report
    Aug 9th 2014, 10:31 AM

    Harry Skyview free is another great app , when you open the app it show you on screen what is directly above your head in space , could can also search for planets , stars , ISS , and it will tell where that are

    13
    Install the app to use these features.
    Mute Loremolis
    Favourite Loremolis
    Report
    Aug 9th 2014, 10:06 AM

    I marvel at what we can do but has no one noticed that Mars is now populated entirely by Robots?
    This isn’t going to end well.

    17
    Install the app to use these features.
    Mute Jack Ripper
    Favourite Jack Ripper
    Report
    Aug 9th 2014, 10:18 AM

    I like space.

    9
Submit a report
Please help us understand how this comment violates our community guidelines.
Thank you for the feedback
Your feedback has been sent to our team for review.
JournalTv
News in 60 seconds