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Open Fight for Glass-Steagall in Italy

May 3, 2013 (EIRNS)—A bill calling for strict banking separation, à la Glass-Steagall, was filed in the Italian Chamber of Deputies March 22, by a group of Lega Nord (Northern League) Deputies led by Davide Caparini. Similar legislation has been introduced in previous years, but never brought to the floor for a vote. Caparini's initiative comes in the context of an active campaign by the LaRouche movement in Italy (Movisol), and others, over the past three years.

Feeding the process will be a video interview posted April 29 by Claudio Messora, communications director of Beppe Grillo's Five Star Movement in the Senate, with Nino Galloni, an economist who works for the Italian government. Galloni, who recently spoke at the Schiller Institute conference in Frankfurt, Germany on a development perspective for the Mediterranean, explicitly calls for the reinstatement of Glass-Steagall, national sovereignty, and cooperation among the great powers for real economic development.