Padoan: a G20 talked a lot about Brexit, medium-term effects are still uncertain – Il Sole 24 Ore

The possible effects of Brexit on world economic balances in the spotlight of the financial G20 summit being held in Chengdu, in the heart of southeastern mainland China. While not an issue mentioned on the official agenda of the works, which will conclude tomorrow, “is much Brexit” is spoken, he said in a conference break Economy Minister Pier Carlo Padoan, confirmed reflection about the medium-term consequences “that are still unclear because no one knows what and when you will establish the negotiating process between Britain and the European Union.”

The appeal of Padoan the G-7: Need for growth policies

Great Britain “is counting on a strong EU although at 27 and not at 28″
And even less, “you know even less than what could be the possible future scenarios,” added the owner of via XX Settembre – fresh from a meeting with the new British finance minister, Philip Hammond in ‘ scope of a parallel meeting of G7 to G20 -, “that is, how the UK will be connected or not.” In any case, he concluded Padoan quoting the words of the new British Chancellor of the Exchequer, “England will be engaged in an open and integrated globally and that counts on a strong EU although at 27 and not at 28″.

Uncertainty about the future, “negative weight to the potential for growth,” EU
summarize the state of the G20 work, the minister showed in particular the ‘intake’ note that even before the Brexit world economic growth was slowing down for various reasons. ” In general, “the fact that there is political uncertainty or uncertainty related to extra economic factors in many areas of the world does not help the economy, ‘said Padoan, but rather” adds a negative weight to the potential for growth. ” In this scenario the Brexit “gave a further negative element for which more or less all the economies will grow less. Nevertheless, you can respond by accelerating the reform processes, accelerating the growth strategies in which there are both structural reforms that macroeconomic reforms. “

Coordinate major economies to improve results and sustainability
the test proposed by the Chinese president, advanced by the Minister of Finance Lou Jiwei for greater coordination of the major economies to promote sustainable and balanced growth seen that the effectiveness of fiscal and monetary policies is diminishing, Padoan noted that “coordination means many things. There is the shared growth strategies. One thing that many have insisted that it is necessary to make better use of the interactions between the various macroeconomic instruments, structural and tax so that we can with a total of some resources have better results “..

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