, Columnist
Italy Is Suddenly Looking Very French
Rome’s bout of corporate intervention is only partly to do with the pandemic.
Under the influence.
Photographer: FILIPPO MONTEFORTE/AFPThis article is for subscribers only.
The pandemic has prompted governments to take a more active role in managing their economies. Politicians are giving out generous loan guarantees and subsidizing wages to reduce the risk of a wave of bankruptcies and mass unemployment. The next step is taking over companies directly. After a spree of recent acquisitions — from payment systems to airlines — Italy appears to be headed in this direction already.
It’s a troubling prospect.