Riforme e investimenti. Europa e Italia

Il Mulino

Vol. 28

Riforme e investimenti. Europa e Italia

by Marco Fortis and Alberto Quadrio Curzio www.ilmulino.it - 2017

This volume, the seventh in Foundation Edison’s series reproducing articles on the state of the Italian and European economy published in important Italian daily newspapers from 2009 to the present, covers a time span from June, 2016 to May, 2017. The basic thesis of the articles contained in this volume, written by Marco Fortis and Alberto Quadrio Curzio, is that while Italy certainly needs to resume and deepen reforms, particularly to relaunch investment, Europe cannot and must not be satisfied with its current growth rate. If Europe wants to strengthen its creative solidarity it must take a qualitative step up, completing two wide-reaching reforms that have just been drafted: that of “variable geometry”, which should see the Eurozone reinforced in various ways (with a common minister of economy, budget and financing, etc.), and investment in tangible and intangible infrastructure. There are already initiatives that go in this direction (the European Stability Mechanism - ESM, the Juncker Plan, etc.), but we are only at the beginning. For its part, Italy is going through a complex period of transition but is also showing significant signs of recovery: in terms of demand, growth can be seen in household consumption, companies’ investments in technology and exports; on the production side there is growth particularly in manufacturing and tourism. The public debt to GDP ratio has also stabilized.