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 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 2 Google April Fools': company unveils backwards search engine and huggable digital assistant
- 3 I might be an MP, but that doesn't stop me fighting sexism with my breasts
- 4 April Fools' Day 2015: The best hoax news stories from around the internet
- 5 Gamers confess the worst things they've done in The Sims
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
Katie Hopkins reported to the police for race hatred by Labour MP Simon Danczuk after tweet about Pakistani men
£18000 - £22000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum: Recruitment Genius: Working closely with the market...
£20000 - £50000 per annum: Recruitment Genius: A reputable company, famed for ...
Negotiable: Ashdown Group: The Ashdown Group has been engaged by a highly resp...