Intervening with a long letter to the Assonime assembly, the President of the Council Giorgia Meloni has formally committed to taking into consideration the proposals which come from the association of joint stock companies, forcefully reiterating that the Government is perfectly aware that economic growth is driven by companies and that the State's task is to facilitate those who want to undertake and create a general environment favorable to business.
Tononi: Reforms and courage to face economic uncertainty
And in fact, from the report of the new president of Assonime, Massimo TononiMany proposals have emerged, framed in a context currently characterized by unprecedented levels of uncertainty in the post-World War II era. This is not to criticize what the government has done to date. Indeed, there has been full recognition of the important work done on public finances, which has placed it on a path to sustainability, and which has therefore received the praise of the markets and authoritative rating agencies. But today the situation has changed profoundly and with unprecedented speed, so we are faced with the need to act. innovative and courageous choicesAnd both entrepreneurs and the government must do this.
Behind every successful business, as the outgoing president recalled Patricia Grieco, there is someone who has made a courageous decision. Thus, the government cannot rest on its laurels, such as balanced public finances, increased employment, and tax and social security cuts decided in favor of the less well-off. It will have to accelerate reforms, spend public money better by prioritizing investments and the need to bridge the research gap that currently separates us from the US and probably also from China, and create a new and results-oriented relationship between the state and businesses.
Tononi criticizes Europe for its capital markets and delays in industrial policy.
Tononi, in his report, has harshly Europe was also criticized Not only on the general political level – where it is clear that, on all the tables that matter, from Ukraine to the war in the Middle East, Europe's voice is not heard – but also on some specific issues that have been known for some time, but which until now have not had the courage to address. First of all, the single capital market, which, through a distorted defense of national interests, risks throwing both European stock exchanges and companies in the old continent into irrelevance, condemning them to remain too small and inadequate to face the new challenges of technology. Tononi emphasized that in artificial intelligence (IA) The US invested 480 billion dollars last year, while Europe as a whole only reached 80 billion. The EU also has to make a decision on the fiscal issue, given that the digital tax does not take off due to American opposition, while the minimum global tax At the moment it doesn't seem feasible.
The same thing goes for the 50 proposals of industrial policy contained in the Competitiveness Compass project, launched last year but so far not implemented, both due to political-bureaucratic difficulties and a lack of financial resources.
Italy and its challenges: a weak stock market and reforms still to be implemented.
The Italy, according to Tononi, has demonstrated in recent years a good resilience and excellent responsiveness. Companies have done a lot, but now they are faced with the need to new challengesOur stock markets are experiencing a particular crisis within the more general European crisis. Our regulations are cumbersome and, above all, demand is lacking, since Italy lacks supplementary pension funds, which in other countries represent approximately 25% of total savings invested in the stock market. Now, with the first measures resulting from the implementation of the new Tuf (Consolidated Law on Finance), we hope to be able to fill some competitive gaps that are keeping our companies away from the stock markets. Then there is a tax reform to be pursued with greater vigor, both to support business investments and to reduce the asymmetries between private individuals caused by the introduction of the flat tax.
Slow justice and too small businesses
Finally, two general aspects: the first concerns the justice, both with regard to the timing of the proceedings and to legal certainty. The second concerns the size of companies, which in Italy are too small. And here Tononi listed a series of measures that should be abolished or modified, because they act as a disincentive to growth or even force businesses to remain small.
Giorgetti's response: accounts in order and confidence in the markets
The minister responded to these requests Giorgetti, claiming first of all the great work done for bring the deficit back within 3% of GDP and do reduce the debtThis isn't just a boast for the Minister of Economy, but—Giorgetti said—it's in the best interest of all Italians, because they pay lower interest rates, because greater confidence in the country brings new investment, including from abroad, and because it frees up resources that the public budget previously allocated to interest payments and can be used to reduce taxes or improve social services. But to secure the country, these results—Giorgetti forcefully reiterated—must be maintained. growth It relies, on the one hand, on European decisions on both industrial and financial policy, while in Italy the new rules of the Consolidated Law on Finance will soon be in place, which, according to Giorgetti, will represent a driving force for accelerating growth.
If you want to get to more robust growth ratesItaly has to face many problems. It will take clarity and courageCertainly, calm discussions, firmly grounded in facts, can help build the consensus needed to do what needs to be done. Meloni has once again committed to doing so. If not now, when?
