“The shooting comes only with reforms’ – Il Tirreno

"The shooting comes only with reforms' – Il Tirreno

CERNOBBIO. A great opportunity for economic recovery. You can, however, lose if you do not continue on the path of reform. Almost in unison the economy minister and the Governor of Bank of Italy chose the audience of the Ambrosetti Forum in Cernobbio to reiterate that “there is a window of opportunity macroeconomic very wide, which can produce growth ephemeral unless the government intervenes, or launch the country into a period of growth in the medium term. ” The words of Pier Carlo Padoan echoed Ignazio Visco: “There’s a new optimism that there was not until a few weeks ago.” What happened is that with the Quantitative easing broke optimism. This moment is an opportunity to be seized. “Do not do as Guido Gozzano,” with “the roses that I did not pick,” citing a passage from the poem “Cocotte” the poet Twilight Piedmont.

If you proceed, then, with the program will be able to intercept the second Bankitalia that growth this year will be “more than 0.5% this year and over 1.5% in 2016″. Some element of concern has emerged, in a veiled way, when Visco quickly touched on the issue of the development of currencies, “The force with which the change is coming down is greater than expected, and the decline is perhaps induced by another, as well as by monetary policy measures. ”

In fact, the disappointing data arrived on Friday by the US economy could lead the Fed to postpone the increase in interest rates by giving a little ‘breathing space to the single currency that is likely to fall below parity shortly.

The economy minister has been very clear on the challenges facing the country. “What we must not do looking out the window are two things: sin of excess optimism and think that this justifies a weakening of incentives to make reforms. This is an issue that is constantly debated in Europe: one of the reasons why there was by some actor economic policy resistance to expansionary monetary policy measures is that this would weaken the incentive for structural reforms. I do not know if this is true in other countries, but in Italy the window is one more reason to accelerate reforms, rather than slow down. ”

The Governor of Bank of Italy added that “for business is certain that it takes more credit and a banking system more robust. We’re going in the right direction, towards a better and more transparent governance “also including the reform of Popular for which he concluded Visco,” serves a more solid governance, transparent, to avoid a series of problems. ” The government “we are not relaxed and I’m never happy,” Padoan insisted: “If there’s one thing I can not breathe in the government is an atmosphere of relaxation. Also there is much more to be done than has been done. ” Economy Minister admitted that it is still necessary to “build” the trust of the families and of the Italian, the ingredient ‘fundamental’ is still lacking to start an exit from recession. Trust, said Padoan, is “a fundamental factor,” without which “no resources are mobilized, although there are. This is one of the consequences of a recession budget, balance sheetrecession . If there is a problem of balance sheet adjustment, the money arriving are primarily intended to restore conditions of balanced budgets. “

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