-Caveat Lector-

     It's the economy, stupid.


Banker Elected As Italy's President

By ELLEN KNICKMEYER
.c The Associated Press

ROME (AP) -- Carlo Azeglio Ciampi, an internationally respected
banker-politician, won Italy's presidency Thursday with broad support from
both left and right, leaving politicians themselves marveling at their rare
show of unity.

Ciampi, who had been the treasury minister, won after a single round of
voting -- only the third time that has happened in postwar Italy. To many,
the easy win suggested the center-right and center-left are ready to work
together on reforming the nation's cumbersome political system.

``For once, politicians were able to reach accord on a name, giving the
country a strong sign of responsibility in a difficult moment,'' said
center-right opposition leader Silvio Berlusconi, whose support was crucial
in the quick decision.

Reforms -- such as doing away with the awkward, indirect process of picking
presidents -- could begin immediately, he said.

``In this climate, there's a chance to get reforms started again, without
opposition,'' said Romano Prodi, a former premier and now president of the
European Union's executive commission. ``I believe that today we can start a
new period of important political collaboration.''

Italy's presidency is largely a ceremonial post, but it does wield some
important powers. The president serves as a kind of referee in political
crises by deciding whether to dissolve parliament and call new elections, and
by designating candidates to form governments.

The post is chosen in a secret ballot in the two houses of Parliament and by
regional representatives. In the past, Italy's fractious political parties
have required as many as 23 rounds to agree on a candidate.

Ciampi made no immediate public comment, staying home during and after the
vote while congratulations poured in from leaders of political parties,
industry and labor.

A longtime central bank governor and political independent, Ciampi, 78, won
respect with his reputation as an economic straight arrow, single-mindedly
overseeing Italy's surprise qualification for the debut of Europe's common
currency, the euro.

``Diligence, accountability, discretion'' are his main qualities, the
Corriere della Sera newspaper said before the vote. ``Except for chocolate,
he has no known passions.''

Ciampi submitted his resignation as treasury minister late Thursday. The
government nominated Giuliano Amato, a Socialist who led a 1992-93 austerity
government, to succeed him.

Ciampi had been treasury and budget minister since 1996. He served as Italy's
central bank governor from 1979-93 and was premier from 1993-94.

At least 674 votes -- two-thirds of the eligible electors -- were required
for a candidate to become the next head of state. When the tally got near
that number Thursday, most within the crowded Chamber of Deputies broke into
a standing ovation for Ciampi, who went on to garner 707 votes.

It took 10 days and 16 ballots in 1992 to elect the current president, Oscar
Luigi Scalfaro, whose seven-year term expires in two weeks.

Thursday's election by lawmakers might be the nation's last, with the
government and opposition pledging to work together to bring Italy more in
line with the rest of Western Europe, including direct election of the head
of state by citizens.

Last month, Italian reformers attempted in a referendum to change electoral
law and end decades of political instability that have given Italy 56
governments since World War II -- all based on shaky coalitions. Although 91
percent of those who cast ballots April 18 voted for the reforms, not enough
people turned out to make the vote valid.

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