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To: long-gone who wrote (35633)	6/21/1999 8:24:00 AM
From: lorne	Respond to of 116836

Prodi says Italy could risk euro place on prices MILAN, June 21 (Reuters) - European Commission President-Designate Romano Prodi said on Monday Italy risked losing its berth in the single European currency club in the long term if costs remained higher than in other partner nations. "Italy had very low inflation in 1998, but above that of our European partners. If we continue to have costs which diverge from other European countries it will be more difficult to remain in the euro," he said. He was speaking from his home town of Bologna in a video conference with Federchimica, Italy's chemical industry association. "If Italy continues to lose a percentage point of competitiveness per year, as is happening, and if the trend continues in the long term, it will be a tragedy for us. "It could be difficult to remain within the euro," Prodi said. "Instead of an opportunity, the euro could become our downfall if radical choices are not made. We must be absolutely virtuous," he added. Former Italian Prime Minister Prodi was widely credited with getting his country's finances in shape to take Italy into the single European currency. According to official data, Italy's average consumer price inflation in 1998 was 1.8 percent while that of the European Union was 1.0 percent. Prodi was echoing comments by European Central Bank board member Tommaso Padoa-Schioppa published in Corriere della Sera on Sunday that the fact Italy's inflation was nearly double that of the euro zone was worrying. Prodi concluded his comments by referring to prospects for Europe-wide growth. "I am not in the least pessimistic since the foundations for growth and investment have been laid." Padoa-Schioppa, in an editorial in Corriere, said, "In Italy prices increased last year by some two percent; in Euroland by one percent. And Italian inflation is still double that in Germany. "The microscopic scale on which these differences are now read should not prevent us from seeing them, understanding them and worrying about them," the ECB official said. reuters.com

To: long-gone who wrote (35633)	6/21/1999 3:05:00 PM
From: sea_urchin	Read Replies (2) \| Respond to of 116836

Thanks Richard. Yes, I've been quiet --- also demoralized with the low gold price and all that goes with it. Also noticed that the tempers of many posters have become very frayed which is another reason to keep my trap shut. Crime is very, very bad in SAf. Black on white and black on black. Yes, there is an economic basis to it in poverty etc but poverty is not an excuse for crime. There are many very poor people in this world but they do not resort to crime. And certainly not murder and rape. Some woman or child is raped every 30 seconds in this country. The government loves to blame whatever crime on the victim --- whether hijacking, bank robbery, murder or rape. Especially crimes involving money. After all, the whites stole everything from the blacks and now it's payback time. Can't say if crime is getting worse --- all I know is that it's about the highest in the world already --- in every department. Last week, a friend of mine was shot dead. He advertised a lap-top computer for sale. Someone arrived at his apartment to buy it but produced a gun instead of money. Bang! Wasn't even mentioned in the newspaper. The government not only has failed to deal with crime but is not really interested to. Their main concern is passing laws to deprive whites of economic opportunity or should I say empowering or enriching blacks. Meanwhile illegal immigrants from every country in Africa are swarming into SAf. The government gives them refugee status and welcomes them. It's bad enough having to live here but I truly can't understand why people in the US, or anywhere else, want to invest even one cent here. Do they really expect to see a return on their investment?!!