EZA943/16April 2010: Improving background for economic reforms after regional elections
- The outcome of recent local elections (28/29Mar), with an unexpectedly strong showing from the Northern League, promises to help reforms in both the public sector and in the private economy.
- This encouraged the industry association Confindustria to call for a substantial overhaul of business and labour market legislation on 08Apr.
- The key to both public and private sector reforms will be the legislation in the Fiscal Federalism Act. This Act, if passed, should not only enhance government efficiency but also help boost business reforms aimed at increasing competitiveness.
Asset conclusion: political calm in the coming two to three years will offer an unprecedented window of opportunity for business friendly reforms, hence positive for stocks and bond spreads.
Please see the attached briefing note from the EZA team; simply read onscreen or print and read at your convenience
Discussion Partners
Dr Michael Clauss: Politics / Economy / Equities Sectoral Analysis
Tel: +49 89 64254046
michael.clauss@eurozoneadvisors.com
John Arrowsmith: ECB / Regulatory
Tel: +44 7720 59 1726
john.arrowsmith@eurozoneadvisors.com
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