What a comparison between Britain and Italy reveals

Britain has long thought of itself as being part of the same economic club as America, France or Germany. It is, after all, the third-biggest economy in the West. So it is a mark of the glum mood in the country that commentators are now drawing comparisons to Italy instead—a place that, aside from la dolce vita, is known for interminable political drama, economic stagnation and nervous bond markets. The two countries’ economies and fiscal positions differ considerably, not least because Italy uses the euro and does not have its own monetary policy. A comparison is revealing nonetheless.