Italy needs a stable government that can deal with the country's economic emergencies, because in the event of a prolonged stalemate there is the risk of external intervention, as has already happened in other countries with the arrival of the so-called Troika (EU, ECB and IMF). This was stated by the managing director of Intesa Sanpaolo, Enrico Cucchiani, on the sidelines of the Confcommercio forum in Cernobbio.
“The most important thing is to have a government, whatever it is, that intervenes on economic issues, which in turn affect social problems, first of all the level of employment – said Cucchiani -. It is clear that if there were not a solution capable of tackling these issues, sooner or later there would necessarily be an intervention coming from abroad, from the Troika, but this must not be the first option and I think it is better than not is not even considered the reserve option”.
The banker underlined that such a choice would not be justified from the point of view of Italy's macroeconomic fundamentals: "We are certainly not in a position to need interventions of this kind, because the macro data of this country are very good and solid, better than the average of the Eurozone and other countries such as the USA and Japan, and we have a very strong industrial fabric. Our country therefore has everything it needs to get out of the stalemate on its own feet and with its own strength".
As for the Cyprus case, Cucchiani believes that the affair is “dimensionally circumscribed. We are paying too much attention to it. The risk of contagion is a problem that we can safely exclude.
