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    November 16, 2011

Monti Sworn in as New Italian PM

   Al Pessin | Brussels

   Economist Mario Monti has been sworn in as Italy's new prime minister,
   with a mandate to restore stability to the country's economy and
   respectability to its politics.

   At European Union headquarters in early October he was an affable and
   popular Italian university president.
   Little did anyone there know that a few weeks later he would be
   appointed to the Italian Senate, and almost immediately asked to be the
   country's next prime minister.
   Monti said that during 'a moment of particular difficulty,' he wants to
   restore Italy's economic strength, with a focus on growth.
   That was the topic of the conference in Brussels, where said there must
   be more to Europe's recovery plan than just austerity in the troubled
   economies.
   'The whole apparatus that it was necessary to set up in order to ensure
   fiscal discipline maybe has not paid enough attention to some growth
   elements, like public investments," said Monti.
   The French and German leaders, heading two of Europe's strongest
   economies, are the most insistent advocates of austerity in Italy and
   the other troubled countries. Before he knew he'd be joining their
   ranks, Mr. Monti had this evaluation of European leaders' performance
   during the crisis.
   'They are on a good track, I must say, relative to the past," he said.
   "They need to do more in terms of, each of them, reasoning as a
   co-decision maker in Europe, and not just as a national leader.'
   Monti's stature and experience no doubt helped him in meetings to
   garner support for his new government.
   He is a strong advocate of European economic integration, and spent 10
   years as a senior EU economics official. The 68-year-old economist is
   also a corporate adviser and a member of several top-level
   international groups of senior officials and business executives. But
   he has never before held office in Rome.
   Italian-born political economist Leila Simona Talani of London's King's
   College says Mr. Monti is the right man for what she calls her home
   country's 'slightly desperate' situation.
   'He is a personality that could give some credibility to the Italian
   economic policy making and reassure the markets and also implement
   policies that have meaning, meaningful policies, especially
   liberalization," said Talani.
   That dose of credibility is needed after the long and tumultuous tenure
   of Silvio Berlusconi, who was forced to resign because of the economic
   crisis.
   In the VOA interview, Mr. Monti indicated he wants to rebuild the
   relationships that have been damaged by the crisis.
   'It's of great importance not to allow the tensions associated with the
   euro zone crisis, and sometimes the bad feelings among various people
   and member states, lead to some fragmentation or backward movement in
   the single market," said Monti. "This would be devastating for Europe.'
   Mr. Monti's task will not be easy. Like their neighbors in Greece, some
   Italians have taken to the streets to express their anger at the
   austerity plan the new prime minister will have to implement. And
   investors will be watching closely to see whether his policies and his
   leadership are strong enough to ease their concerns about Italy's
   financial future.