The coming collapse of the EU
Source: Daily Crux
http://thecrux.com/doug-casey-on-the-co ... f-the-e-u/
Italy’s two houses of parliament currently share equal power, and bills must pass both houses in identical form.
Political vetoes are often used in both chambers, leading to legislative paralysis.
If accepted, the constitutional reform would reduce the power of parliament and reduce its veto rights.
The yields on benchmark 10-year Spanish and Italian bonds, which surged to more than 7 per cent during the acute phase of the eurozone crisis at the end of 2011 and in the first-half of 2012, have fallen dramatically and have remained under 2 per cent since mid-2015.
Unemployment in the eurozone remains stubbornly above 10 per cent - and close to 20 per cent in Spain, supposedly the bloc’s star performer along with Ireland - while inflation is still woefully below the 2 per cent target of the European Central Bank.
Italy, the eurozone’s third-largest economy, is still struggling to emerge from recession while its banks are burdened with a large stock of non-performing loans.
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