“Il today's downgrade of three levels, even if it says that there is solidity of the public debt, it is linked to an uncertain economic policy and to an overall uncertain political situation”. After the downgrading of Italy by Moody's, Emma Marcegaglia returns to the attack. Speaking at a conference at the Luiss University of Rome, the number one of Confindustria recalled how "even the Monetary Fund underlines that Italy has had low growth for twenty years now".
Italy must therefore "change its way of dealing with the crisis" to recover credibility: "It is very important - the leader of the industrialists reiterates - that the country debates these things seriously, not against each other" .
WITH SCRATCHING SPREAD AND DOWNGRADE, THE RISK IS CREDIT CONTRACTION
Also because the dangers around the corner are scary. According to Marcegaglia, "the overall situation in the country risks leading to a restriction of credit, to a credit crunch". The ever-widening differential between the BTP and the Bund, together with the repeated cuts in the sovereign debt rating, will make "access to credit more difficult for our banks". And this "will be transmitted to the problems that the lenders themselves have when it comes to financing".
A JOINT EFFORT IS NEEDED TO RECOVER CREDIBILITY
The president of Confindustria then returned to addressing the executive directly: "We don't want to criticize the government because we like it, but because we feel a growing concern for the situation of citizens and for credibility on the markets".
Marcegaglia therefore invites the political and business classes to "a joint effort" to "avoid demagoguery and divisions, to stop blaming each other". After all, “we are a country in the eye of the public debt storm. We need to discuss seriously without any intervention being seen as an invasion of the pitch".
DL INSUFFICIENT DEVELOPMENT: NOBODY TOUCHES FAS FUNDS
As for the corporate manifesto, the number one in via dell'Astronomia underlines how entrepreneurs “do not make proclamations, nor do they want to play the part of schoolteachers”. The point is that the measures contained in the development decree that the majority is developing “are not enough”.
In particular, Marcegaglia refers to the issue of Fas funds: “Some newspapers report that not only will there be no resources on infrastructure and energy efficiency, but six billion in cost cuts by ministries would be cuts to Fas and therefore to infrastructure. If there are further cuts in resources, this is not a development law”.
