Pandemia, competenza e ricostruzione. Una svolta necessaria per l'Euro-Italia

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Il Mulino

Vol. 32

Pandemia, competenza e ricostruzione. Una svolta necessaria per l'Euro-Italia

by Marco Fortis and Alberto Quadrio Curzio il Mulino - 2021

Europe and Italy were progressively recovering from the double recession of 2009 (triggered by the sub-prime mortgage crisis) and 2011-2013 (set off by the sovereign debt crisis). In 2019, however, the world economy was already showing signs of slowing down due to Brexit, trade tensions between the US and China with effects on Europe and the automotive crisis in Germany. Then in 2020 the situation unexpectedly and dramatically precipitated. Covid-19 hit the national healthcare systems and the economy of the entire planet with its frightening toll of contagion and deaths, with lockdown and the consequent halt in the production of goods and services, in particular transportation and tourism. Europe reacted effectively and promptly to the coronavirus contagion, unlike what happened in 2011, accompanying the BCE's measures to boost liquidity with unprecedented measures and financing to sustain and relaunch the economy and employment. Sure, Mes and Next Generation EU represent an opportunity to not only bring the economy back to positive growth but above all to rebuild Europe, guided by competency and innovation, by investing in networks, digitalization and techno-science, schools and training, and the green economy and energy efficiency. Italy especially needs to take up the extraordinary opportunity offered by EU support to definitively modernise its national economic system and its public administration, tasks that have been put off for too long. The train of the Recovery Fund will not pass by a second time and therefore cannot be missed.