Travel Reference
In-Depth Information
The Crisis
By mid-2009 the economic woes besetting the world were making themselves felt in Lom-
bardy. From the silk business in Como, to tourism on the lakes, the crisis was beginning to
bite. It was estimated that throughout Lombardy the contraction in business had cost com-
panies some €12 billion in the first three months of 2009, while gross domestic product fell
by 6.3%. The national debt rose to a dizzying 130% of GDP in 2013.
Assuming that the country can continue to borrow at the current 4% interest rate, the
economy will have to grow by 5% annually to maintain the current debt ratio. This doesn't
give newly elected prime minister Enrico Letta much time to implement reform, especially
with a forced coalition of social democrats and conservative members of Silvio Ber-
lusconi's party behind him. But economic realities are dictating radical change: Italy's
debts are too high, its products are uncompetitive and investment is low. In northern Italy,
the country has a significant industrial and creative asset, which is ripe for investment. Im-
proving conditions for that investment and moving away from the polarising, media-driven,
populist politics of Berlusconi is the key to getting Lombardy, and Italy, back to work.
TIMELINE
11,000 BC
Accounts of Roman historian Titus Livius point to the invasion of the Lombard plains and Po valley by
Gallic tribes from southern France as early as the 10th century BC.
c 600-400 BC
According to legend, the Insubri Gauls chose the site of Milan when their greedy king glimpsed a
bristle-backed boar across the plains. They call it Mediolanum (Middle of the Plains).
218 BC
Carthaginian general Hannibal crosses the Alps into the Lombard plains and 50,000 Gauls join his
forces. After several defeats, Rome emerges master of the Mediterranean.
49 BC
The Cisalpine cities of northern Italy are granted the right to declare
civis romanus sum
(I am a Roman cit-
izen), the year Caesar marched on Rome.
