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To: patron_anejo_por_favor who wrote (2645)	7/7/2000 4:42:01 PM
From: pater tenebrarum	Respond to of 436258

the Bank of Italy is beginning to get antsy over the bubble: ROME ( MktNews ) - European Central Bank Governing Council member and Bank of Italy Governor Antonio Fazio Friday repeated his recent warning that, based on traditional parameters of judgment, world share prices appear irrationally high. "One must ask whether market share prices have not risen above justifiable levels, on the basis of rational calculations," Fazio said in remarks prepared for a speech in Turin. However, as he has in other recent speeches, Fazio then tempered this judgment with the observation that "every historical cycle has its own distinct characteristics," meaning "it is difficult to reach a certain conclusion" on the sustainability of current price levels. Nonetheless, the "exceptionality" of these levels "requires constant observation," the BOI Governor concluded