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Italian Parliament
Approves Resolution for World
"New Financial Architecture"

September 26, 2002
Rome, Italy

Rome, Sept. 26 - On September 25, 2002, the National Parliament of Italy voted up Resolution 192, on "The Economic Crisis in Argentina", which calls for "a new financial architecture" able to support "the real economy" and avoid "speculative bubbles and financial crashes."

During the past two years, resolutions calling for a "New Bretton Woods" conference, to create a new world financial system, have been proposed and discussed in the Italian Chamber of Deputies and Senate, the European Parliament, and City Councils of important Italian cities.

During the final discussion before the vote, Representative Bianchi emphasized the importance of a "new Bretton Woods" and the role of U.S. economist Lyndon LaRouche, initiator of this proposal.

On September 26, 2002, Helga Zepp-LaRouche, President of the international Schiller Institute, expressed her support for the Italian Parliament resolution, and called for convening a New Bretton Woods Conference. The text of the resolution follows:

"The Chamber of Deputies, finding that:

"The escalation of banking and financial crises -- starting from the 1997 crises in Asia, Russia, and Latin America, up to the more recent collapse of the New Economy in the USA, to the giant, ongoing Japanese banking crisis and the bankruptcy of Argentina -- cannot but be of concern, to the general population, the ruling classes, enterprises, investors, and savers, because this is not a series of isolated cases, but rather, is the manifestation of a crisis of the whole financial system, characterized by financial speculation which has reached the level of $400 trillion (of which $140 trillion alone occurs in the United States), as compared to a world gross product of about $40 trillion (which difference has been growing during recent last years);

"Between Italy and Argentina, there exists, in addition to a relationship of strategic partnership, which involves particular obligations for cooperation, as well as very strong cultural links resulting from a common history, shared by generations of Italian emigrants, and, lastly, numerous joint education projects resulting from cooperation among the universities of both countries;

"The Italian government has already intervened promptly to support the Argentine economy; re-including this nation among the beneficiaries of the Italian Fund for Development Cooperation; increasing the personnel of consular and diplomatic offices in Argentina, intervening to support small- and medium-sized Italian enterprises; promoting, together with non-governamental organizations in Argentina, initiatives aimed at mitigating the effects of the crisis on weaker social layers; and dealing with the health emergency by sending medicines and supplying health services;

"[The Chamber of Deputies] mandates the Government

"To proceed with the already-undertaken action, to foster the identification of a solution to Argentina's economic, financial, and social crisis, including in consideration of the significant presence of Italian citizens, and of citizens of Italian origin, with special reference to the most-impoverished population layers;

"To use, to that purpose, all available instruments, with the Development Cooperation [fund] in the first place; to support, also with direct participation, projects to relaunch investment in the productive economy;

"To support the introduction, among the European Community system of generalized preferential tariffs, a group of products exported by Argentina, so as to favor the economic recovery of small- and medium-sized enterprises;

"To support initiatives promoting culture and science and teaching of the Italian language, with special regard to activities aimed at enhancing the image of our Country in those sectors in which it excels;

"To give adequate priority, in the agenda of the European Commission, to the realization of an interregional EU-Mercosur agreement which could help and support the Argentine economy;

"To strengthen forms of bilateral and multilateral cooperation through international agencies to develop and defend the environment;

"To reconsider the possible request for restructuring the quota of Argentine foreign public debt owed to Italy, in the framework of multilateral agreements with the 'Club of Paris';

"To strengthen measures and interventions in social welfare andhealth sectors in favor of the most impoverished layers of the population, also in collaboration with non-governmental organizations;

"To undertake, in particular, the initiative of continuing, in responsible international forums, the activity of studying and proposing a new financial architecture capable of supporting the real economy and avoiding speculative bubbles and financial crashes;

"To undertake any reasonable political and economic initiative, aimed at ensuring that the Argentine government pays maximum attention to Italian savers affected by the crisis of the financial system;

"To consolidate, on a broader level, relaunching of Italian policy towards Latin America as a whole -- above all in view of the next semester of EU chairmanship - giving this priority in national foreign policy, in consideration of the traditional political and cultural bonds connecting us to that region, of the broad and articulated presence of our co-nationals or citizens of Italian origin in the whole continent, and of a strong and well-established entrepreneurial presence;

"To facilitate the return of Italian citizens resident in Argentina and, more in general, in Mercosur, in the framework of a more rational management, closer to the national interest, of immigration flows."

(6-00030) [Signers] "Volonte, Brugger, Ricciotti, Boato, Landi di Chiavenna, Benvenuto, Rossi, Rocchi, Intini, Pisicchio, Moroni,Pisapia, Colle, D'Agro, Gianfranco Conte, Pistone, Spini."

The resolution was voted up in three sections. The first, from the introduction to "mandates the government"; the second, from "mandates" to the end; the third, the final clause on immigration policy.

The vote was as follows:
On the first section: Present 396; Voting 385; 'Yes' vote 385;
On the second section: Present 400; Voting 399; 'Yes' vote 399; Abstained 1;
On the third section: Present 406; Voting 228; 'Yes' Vote 219; 'No' vote 9.

During the final discussion of the resolution, Rep. Giovanni Bianchi, speaking in the name of his parliamentary group, stressed the importance of the paragraph addressing the issue of restructuring debt. "Not by chance," Bianchi stated, "one speaks of a new Bretton Woods. I believe that we are in such evident disorder, that the need and demand for some order, is necessary. Let us not let a figure like Lyndon LaRouche -- who forecast the destiny of the bubble -- stand alone as the only one to carry on this issue. Italy's and Argentina's destiny are in these international events, and I believe that this resolution is a step to deal with them."


Related Pages

Call for A New Bretton Woods Conference (September, 2002)

New Bretton Woods Page (links to more articles)

Physical Economy Page

Join the Schiller Institute!

Biography of Lyndon LaRouche

Speech to Italian Seminar, Summer 2002

Other Webcasts, Dialogues and Presenations


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