The World: Communists Shouldn't Panic Us'

The patriarch of the huge Fiat automobile empire, Gianni Agnelli, 55, is perhaps Italy's most influential industrialist. He is also one of the country's most astute and articulate analysts of political affairs. Last week, in an interview with TIME Chief European Correspondent William Rademaekers and Rome Bureau Chief Jordan Bonfante, Agnelli spoke out on some of the major problems facing Italy today.

Q. What is your assessment of the Italian crisis?

A. Italy needs an austerity program. It is the only country in Europe where in the past two or three years wages, in real terms, have continued to go up. And they...

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