Italian Elections Bode Well For Lira With ERM Re-Entry Possible
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In Italy's elections, the broad-based victory of a centre-left coalition in both houses of Parliament moved the balance of power to a more moderate side, at least in terms of economic policy, and is probably one of the most market friendly outcomes that could have been anticipated, says Lorenzo Codogno, Bank of America's chief economist in Milan.
The coalition campaigned on a platform to re-enter the lira to the Exchange Rate Mechanism (ERM), so the victory is causing optimism for an early re
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