Volume 21

This volume is the third that the Fondazione Edison dedicated to the great economic and financial crisis broke out in 2008, after the two previous Marco Fortis volumes "The global crisis and Italy" (2009) and "Inside the crisis: 2009-2011. America, Europe, Italy '(2011). The global economic situation remains severe with a general slowdown which also involved the emerging countries. The dreaded risk of a double-dip in many advanced countries has materialized. The crisis spread from<br />private finance to the real economy up to that sovereign debt mainly from various "peripheral."European countries. On the one hand, the EU and EMU, who chose harsh austerity policies that have both positive and negative, have not also put in place measures for growth. On the other hand, the ECB has played a crucial role in restoring confidence investors on the future of the euro. In all Italy, which recovered much credibility at European and international level, he has further tightened on public accounts that have improved, but austerity has had a strongly recessionary impact. Without European choices for revitalizing our country will not, however, reduce the public debt to GDP, and at the same time restoring growth.<br />The equation between healthy balance sheets and growth policies can in fact be resolved only at the European level.

Marco Fortis, Professor of Industrial Economics and Foreign Trade at the Catholic University of Milan. He is vice president of the Fondazione Edison.

Alberto Quadrio Curzio, Professor Emeritus of Economics at the Catholic University of Milan. He is vice president of the National Academy of Lincei.