The globalization looked as an irreversible process, but it has been deeply upset by the crises of the last decade, and the classic international division of labor doesn’t work anymore. National states are coming back.
Risks of sovereign debt default around the world are increasing. Alternative policies exist, but they have to be agreed and coordinated at a global level.
A tranche transfer of national debt of up to 60 per cent of GDP should be to the ECB which has higher credibility on markets than a debt agency such as the EFSF.
The CEO of the Fiat and Chrysler Group has adopted the line of blackmail against the Fiat workers of the historic Italian factory of Mirafiori. In front of the challenge, the left and the Italian trade unions were divided. But the result of the referendum was a Pyirrhic victory for Mr. Marchionne, since the majority of the manual workers voted against the agrement.
