Greed and folly

The Italian parliament has declined to ratify a decree by the Monti administration that parliamentary salaries are reduced to the European average.

The reason given is the technical one that a decree cannot be issued on what is purely the business of the chamber, but stopping it is a bad mistake and will seem like an excuse. The whole world now can see that Mario Monti's power is subject to the whim of parliament. This was a money saving measure (although that is not its real importance) and they have, effectively, denied a part of his budget and could deny other parts. The markets are not blind.

Secondly the Italian people despise the venality of their leaders who are given pay, pensions and perks far in excess of what an ordinary person could even aspire to (a basic salary of €168,000 to begin with). The political elite either doesn't know, or doesn't care how unpopular it is.

As Burns wrote 'O would some power the giftie gie us, to see ourselves as others see us.'