Italian PM says City will not get special protection
The Italian Prime Minister, Mario Monti, insisted yesterday that David Cameron's demands for special protection for the City of London at last month's European Union summit were unacceptable.
Speaking on a visit to London, Mr Monti said even those who, like him, were ready to consider Britain's requests – which included a guarantee that future decisions on financial regulation would have to be taken unanimously – were "very clear in saying that is not an acceptable condition".
Mr Monti also hinted that it was misguided of Mr Cameron, with whom he held talks at Downing Street earlier in the day, to link the fiscal compact to the issue of financial regulation by Brussels. "I don't think they are related topics" he said.
Mr Monti was hoping to persuade private sector investors based in London that he is turning around Italy's economy through far-reaching labour market and welfare reforms. Italy's borrowing rates have risen sharply in recent months, as panicking investors have sold Italian government bonds, igniting fears that the country, which is one of the most indebted in the world, might need a bailout.
Mr Monti said Italy was committed to wiping out its budget deficit by next year, despite the country's likelihood of falling into recession.
- 1 Kim Jong-un shows off airport designed by architect he likely had executed
- 2 Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
- 3 Why it matters 26 million people have changed their Facebook profile picture to a rainbow flag
- 4 German ethics council calls for incest between siblings to be legalised by Government
- 5 Fifty Shades of Grey author E.L James's Twitter Q&A didn't go exactly as planned
Michael Douglas regrets 'embarrassing' Catherine Zeta-Jones with oral sex comments
Kim Jong-un shows off airport designed by architect he likely had executed
Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
Ex-Scientologist Carmen Llwyelyn blasts 'cult' and her treatment after divorce with Jason Lee
Tunisian builder has been hailed a hero after knocking gunman to the ground with roof tiles
The moment a Queen's Guard soldier lost it and drew his gun at annoying tourist
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
David Cameron struck double blow in his hopes to win Britain a new EU deal
Extend Right To Buy to tenants of private landlords, Labour's Jeremy Corbyn says
Pentagon accuses Russia of 'playing with fire' over nuclear threats towards Nato
£15000 - £18000 per annum: Recruitment Genius: An On-line Sales & Customer Ser...
£15000 per annum: Recruitment Genius: One of the largest hospitality companies...
£28000 - £32000 per annum: Recruitment Genius: As a result of significant cont...
£16575 - £19000 per annum: Recruitment Genius: An excellent opportunity is ava...