Enrico Letta, of the center-left Democratic Party, has announced that he intends to fight the move towards austerity in Europe, and investors applauded.
The idea that government should be balance its budget and stay out of the way has been around a long time. It's gained ascendance in Washington even as more economists agree the government should spend more and help the economy.
The U.K. revealed the biggest overhaul to its welfare system in a generation. One major cut will be to crackdown on people who live in large houses but collect welfare payments.
Global stock markets are falling this morning after preliminary election results in Italy indicate no political party won a clear majority in parliament.