No new financial measures are envisaged: Mario Monti, in his press conference at the end of the year, immediately tries to reassure, in the aftermath of the long Council of Ministers, the last one in 2011. “Nobody thinks that another maneuver is necessary, nor that the passage to the phase of development means sudden financial breadth – declared the prime minister -. The growth policy that we will propose to the country does not make much use of public money, also because there is little of it, but aims to use equity as a lever”. It is the so-called phase 2 of the Monti government programme.
"We need to limit the privileges and annuities that hold back economic mechanisms to the detriment of young people – added Monti -. I fully realize that the maneuver we had to make has many drawbacks. The fact that Italy has undertaken to achieve a balanced budget in 2013 and to reduce the debt/GDP ratio by 5% is seen critically. But it is not this government that has signed up to these commitments: I'm not taking a position, I'm just saying that we have found ourselves in charge of operating with an attempt to restore dignity, stability and authority to a country that had already accepted those objectives".
With regard to the differential between ten-year BTPs and their German equivalents, the premier underlined: “I too look at the trend of the spread several times a day, without minimizing it when it goes down or demonizing it when it goes up. The ascent was unstoppable until November 9, when it reached a maximum of 558. I remember that date because I was in Berlin and received the phone call from the head of state announcing the nomination. Since that day the trend has been decreasing”. According to Monti, the climb took place “despite the fact that in a good part of that period the ECB bought Italian and Spanish government bonds. Purchases have become very rare in recent times. Previously we climbed a lot despite the purchases. Now this downward trend occurs despite the fact that purchases have almost ceased".
“I invite you not to overestimate – he specified – the spread, neither when it goes well, nor when it goes badly. Yesterday and today treasury bill auctions went quite well, this is encouraging, but it does not mean that the work to be done is finished. We are also very active on the European front for the definition of the new fiscal discipline. Growth must be promoted through appropriate market integration and structural interventions".
