Italian vote worsens outlook for the euro
Lessons of Germany’s decade-old reform have not been learnt elsewhere
Five Star movement leader and comedian Beppe Grillo speaks during a campaign rally in Rome ahead of the election. Photograph: Max Rossi/Reuters
Yesterday marked the 10th anniversary of the launch of the most far-reaching economic reform package any major Europe an country has undertaken in recent decades.
Germany ’s Agenda 2010 reforms, implemented by the then Social Democrat-led coalition, sought to shift incentives so that work was a preferable option to welfare for as many citizens as possible.