Investors are betting the house on Mario Monti. Italy’s unelected prime minister presented a new set of spending cuts and tax increases to parliament yesterday and already Italian bond yields are dropping. The measures were enough to send the 10-year yield tumbling below 6 per cent. It is worth pausing to consider two things, however. First, Italy needs growth, not austerity. Second, parliament may well water it all down. The measures are a welcome but small step on a very long journey.
投资者把身家押在了马里奥•蒙蒂(Mario Monti)身上。这位并非经选举产生的意大利总理，昨日向国会提交了一套减支增税的新方案，意大利国债收益率应声下落。这些措施足以让10年期国债收益率大幅降至6%以下。不过我们有必要停下来考虑两个问题。第一，意大利需要的是增长，而不是财政紧缩。第二，意大利国会很可能会往这套方案中“兑水”，使其效力大打折扣。尽管这些措施令人欣慰，但它们只是漫长旅程中的一小步。
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