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"New Bretton Woods" In Italian Parliament
The New Bretton Woods Campaign

"New Bretton Woods" In Italian Parliament

According to the official calendar of Italy's Chamber of Deputies, on March 14 a parliamentary motion (N. 1-00320) will be debated on "convening an international conference for a new monetary and financial system." The discussion in the Parliament will continue on March 15-16 and, if needed, also on March 18. On March 14, draft legislation related to the Italian military deployments in Iraq and elsewhere will also be on the agenda.

The motion was introduced in the Chamber of Deputies on Feb. 13, 2004, by Deputy Mario Lettieri, of the opposition party Margherita, who is also Secretary of the Chamber's Finance Committee. It is backed by some 50 parliamentarians from various parties—mostly the opposition, but also a few from the Berlusconi government coalition. Among the best-known signers are Giovanni Bianchi, who in 2001 organised an event with Lyndon LaRouche in the Parliament building in Rome; former Ministers Antonio Maccanico and Nerio Nesi, and former Deputy Foreign Minister Ugo Intini. The motion has been prepared in collaboration with Paolo Raimondi, president of the Movimento Solidarieta', the LaRouche-allied political movement in Italy.

Deputy Lettieri's motion "requests that the [Italian] government act in the relevant international fora" to build a new, international "financial architecture," aimed at avoiding future financial crashes and the recurrence of financial bubbles; and is focused on the objective of supporting the real economy. It analyses the systemic implications of the Parmalat crash, the global speculative bubble, the OTC derivatives, etc. The motion calls for taking "all necessary initiatives to convoke, as soon as possible, an international conference of heads of state and governments similar to that held in Bretton Woods in 1944, to define a new and more just global monetary and financial system."  

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