Il Sorpasso was what it was called when in 1987 Italy's economy outstripped Britain's and there was a good deal of publicity, a good deal of celebrating. Italians like to feel proud of their country and this was as good as winning the world cup.
The positions were reversed a few years later and by the turn of the century Britain's economy was a third bigger than the Italian one.
Now there is a second Sorpasso and if Berlusconi has any sense he will milk it for all it is worth. It has been caused by the strength of the euro and the weakness of the pound and is unlikely to last for long. Because it is not in the euro Britain has the right exchange rate and its export industries will benefit. Italy has the wrong exchange rate and will find emergence from recession extremely difficult.
The pound is weak because international investors are worried about the appalling level of debt which Gordon Brown built up even in the good times.
I think that it is too much to expect that Gordon Brown should fall on his sword, although there are whispers that he might do so at Christmas. But it would need more than that to restore confidence in the currency. Britain desperately needs a change of government.
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