Mario Draghi: The world economic recovery and Italy’s part in it Speech by Mr Mario Draghi, Governor of the Bank of Italy and Chairman of the Financial Stability Board, at the 16th Associazione Italiana Analisti Finanziari (AIAF) – Associazione Italiana Operatori Mercati dei Capitali (ASSIOM) – ATIC FOREX Congress, Naples, 13 February 2010.
Six of the ten economies which joined the EU last year have deficits of 3% or more.1 Moreover, in a number of the countries, one-off fiscal measures are disguising the true extent of the structural budget problems. At present, procedural steps under Article 104 of the EC Treaty (excessive deficit procedure) have been instigated against six of the 12 euro-area countries.