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Page6 POST-GAZETTE, MAY 4, 2012 brought to the table to solve the economic crisis that has plagued Italy and the rest of Europe. The wide variety of strategies -- as well as forecasts about the European economy -- were evident at the April 25 event held at UMass Club in downtown Boston, titled "The European Crisis and Italy: Has the Cor- ner Been Turned?" Organized by the Profes- sionisti Italiani di Boston and the Italian Consulate General, the event featured a .panel of distinguished Italian economists with different visions on where the Italian economy, as well as that of Europe, is headed. "No, the corner has not been turned," said Francesco Giavazzi, Professor of Eco- nomics at Universit& Bocconi in Milan and Visiting Pro- fessor at MIT. Giavazzi's pessimistic opinion is due, he said, to the fact that "the political options avail- able in the fall are not here anymore. I do not see an escape route at the mo- ment. The increase in anti- European sentiment only complicates things. We need to think where we want Europe to be in 20 years. Let's find the final point and work backwards. What is needed is a fiscal federation." In an attempt to counter Giavazzi's gloomy forecast, Visiting Professor Lorenzo Bini Smaghi -- a former member of the Executive Board of the European Cen- tral Bank -- acknowledged that the "crisis will be a long one," but he also said often times European crises have been solved with positive outcomes. "Unfortunately, politicians only act at the last minute," he said. "Voters are often myopic, and the markets re- act too late as well." What seems to reassure Bini Smaghi, though, is the un- The European Crisis: Has the Corner Been Turned? UMass Club Hosts Economic Panel, Economy  ALl.,y u.,,THATN. ,,z.=oZAZZ Opinions Differ Over Future of Italian and European by Nicola Orichuia Over the past four years, many ideas have been Beau4;rul;Bu1sque!-s "' "" From left: Francesco Giavazzi (Bocconi +University), Dante Roscini (Harvard Business School), Massimo Gaggi (Corriere della Sera), Alberto Alesina (Harvard University), Lorenzo Bini Smaghi (Former member of the Executive Board, European Central Bank). derlying sentiment through- out the continent that the euro and the common Euro- pean route is not being demonized. "To accept struc- tural policy changes, people have to understand them within their own politi- cal framework. You cannot present them with what they perceive as vague propo- sitions, like the European Constitution." "It is definitely a political issue," said Dante Roscini, Senior Lecturer at the Har- vard Business School, "but for me another great con- cern is the current banking system in Europe." For Roscini, banks and the mar- kets are at the heart of the crisis. "Markets are ulti- mately the last 'judge. They keep a foot on politicians' throats. The problem would be solved if a positive an- nouncement were made on eurobonds. That would defi- nitely solve the problem from the markets' point of view." For Alberto Alesina, Politi- cal Economy Professor at Harvard University, the so- lution is instead to achieve austerity without killing growth. "There are three ways to achieve this," said Alesina. "First you stop the growth of government spending. Then you avoid LAW OFFICES OF Fmv,00i00 J. CIANO GENERAL PRACTICE OF LA W DIVORCE * WILLS * ESTATE PLANNING * TRUSTS CRIMINAL * PERSONAL INJURY * WORKERSCOMP. 617-354-9400 Si Par/a Italiano 230 MSGR. O'BRIEN HIGHWAY * CAMBRIDGE, MASSACHUSETTS 02141 All the glory that was Rome ..... Pompei Bistro * Beer * Wine increasing taxes. Finally, you promote policy reforms such as liberalizations and the reform of the labor market." A major problem, accord- ing to Alesina, is constituted by the overwhelming size of certain European gov- ernments, where govern- ment spending goes beyond 50 percent of GDP. "By rais- ing taxes, you only worsen the problem, because you reduce the GDP, as well as kill the economy." The panel, mediated by Corriere della Sera foreign correspondent Massimo Gaggi, agreed that the cur- rent Italian government led by Mario Monti has had a positive impact O n, Italyls economic prospects; although it seems to have lost the necessary momentum to push forward other needed reforms. "The measures imple- mented had to be much harder," said Bini Smaghi. "There was a moment where it seemed the government could have passed anything it wanted. There was no protest when the retire- ment age was extended, and Italians have surprisingly accepted an increase in taxation." Giavazzi, on the contrary, said he would like to see some fight in European citi- zens. "The revolt of voters might pressure politicians to do something," he said. "The political elite that is cur- rently running Europe has the reputation of having built the current idea of Eu- rope. It is in their own in- terest to keep the project alive." "The problem," added Alesina, "is political. Fiscal policy is all about politics, and delegating it to a fed- eral body -- like in the United States -- is a very difficult argument to make for politicians." If politicians will have a hard time finding a common solution for the long term, European citizens may opt to take things into their own hands to solve the crisis. "Despite the deficiencies, there are great companies and entrepreneurs," said Roscini. "I know Italy has much potential, and if re- forms are implemented this could lead to new opportuni- ties ofor._,tYlfl u.tpKefi, ,. . :. Ciao Bella, A few weeks back my husband David and I experienced a rare opportunity in Boston which used to be an every night occasion here in our fine city! The West End Museum gave us an evening of fine music and Burlesque. We admired a display of some of the best Burlesque Costumes from back in the day! Bright feathery gowns with embellished scarves, gloves and a few other "small things" set the tone of what was to come! Elaborately decorated g-strings and pasties set Burlesque dancers apart from other adult entertainers! We enjoyed Kristen Minsky, of Providence, R.I., fan dance while sexy music was played by the well-known John Lieata Sextet[ Certainly reviving a nostalgic atmosphere the band played on and on! Some other famous Burlesque gals were Sally Rand whose notorious fan dance wowed audiences for decades! She caused a national scandal by performing her first "obscene" dance at the 1933 Chicago's World Fairl Then went on to become the World's Greatest Fan Dancer[ Ann Corio was called the Burlesque Queen of Broadway and is well known for her acting as well. She performed at our very own Boston's Old Howard Theatre as well as the famous Minsky's Burlesque. Catch some wonderful black and white full blow-ups behind the bar at ScoIlay Square on Beacon Street of some of these divas. A recently retired beauty (2009) is Angie Pontani. She , incorporated ballet en pointe in her routine and worked a square of chiffon like a butterfly. This Miss Erotic World donned exquisite long brunette, wavy locks, which enhanced her delicate, graceful and seductive moves! At Hubba Hubba in Cambridge, years ago, David and I met Dita Von Teese. In the pouring rain we made it to meet this adorable Burlesque Queenl Best known for her Burlesque act "Le Bain" where she swishes and splashes in a giant bubble bath in a giant Martini Glass! Her vintage style is reminiscent of the past and reflects in her Stage performances! So have in little furl in' your life when you take it 'Off;: but not all off!""; : '  ' ' , Buona 9iomata and God bless the United States of America! -- Mary DiZazzo-Trumbull This column is dedicated to my Dad who always admired a beautiful woman! This one is for you Daddy-o! Read prior weeks' "All That Zazz" columns at www.allthatzazz.com. Mary is a third-generation cosmetolo- gist and a Massachusetts distributor of Kosmea brand rose hip oil products. She may be contacted at (978) 470-8183 or mary@mary4nails.com. 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