On the Fincantieri-Stx affair “we will see what Minister Le Maire says, with whom we have an excellent relationship. The French government has decided to nationalize the shipyards, we'll see if it continues on this path or if it puts forward different solutions", but on the desire to obtain 51% of Stx for the Italian company "we have been very clear and have not changed our minds". This was stated by the Minister of Economy, Pier Carlo Padoan, interviewed by Tg3 on the sidelines of his speech at the Ambrosetti Forum in Cernobbio.
The number one of the Treasury therefore does not step back from the line held up to now on the Stx deal, but on September 11th he will meet his French counterpart, Bruno Le Maire, to seek an agreement. According to the latest rumors, positions have softened compared to a month ago and an agreement would be possible by including military shipbuilding in the operation.
“MORE GROWTH THAN EXPECTED, BUT USE RESOURCES SPARINGLY”
As for the public finances, "we are completing the calculations for the update note to the Def - continued Padoan - The growth is stronger than what many, if not all, thought a few months ago", but the funds must still be used "sparingly", because the recovery "must be supported using few resources but effectively".
As for the upcoming interruption of the ECB's expansionary policy, Padoan explains to Tg3: “The ECB will change its monetary policy orientation in the coming quarters, the government has always known this. So we need to reduce debt and increase growth. Privatizations? We will evaluate if there will be spaces ”. In any case, "the climate in Brussels has changed" towards Italy "because Italy has shown that it can improve on all the hot fronts".
“RECOVERY IS INCREASINGLY STRUCTURAL”
At the press conference in Cernobbio, the minister then underlined that "the recovery is certainly with a strong cyclical component, not only in Italy, but also with a structural component that is growing: the problem is that it is very difficult to identify the structural components in 'immediate. I am among the optimists, I think that the recovery in Italy is cyclical and also increasingly structural".
In this regard, Padoan claimed the merits of the government: "The state of the economy that the next legislature inherits from this - he said - is certainly better than what this legislature inherited from the previous one, which was hit by a very deep crisis , and I don't think that this result is solely due to the recovery in world demand”.
“YOUTH EMPLOYMENT IS AMONG THE TOP PRIORITIES OF THE GOVERNMENT”
On the maneuvering side, then, the minister remarked that "Supporting youth employment on a permanent basis, therefore more credible and effective, is a very high priority in the government's priorities" and that "there is no magic wand, there is no there is only one measure that solves the situation. There are people or political parties who say this is how it is done. I don't believe it, regardless of the extent. We need a series of measures and that these are consistent with each other. We need flexible and new regulations, investments, human capital, and strengthening the school-work relationship. And then we need the financial markets”.
In any case, “an overall vision of the country is needed to attack and reduce the imbalances. The problem of long-term growth is not a new problem for our country. We have been carrying it on for twenty years. This data hides a more serious problem, it hides territorial, gender and education imbalances”.
"BANKS, THE NPL NIGHTMARE IS DISTINGUISHING"
Furthermore, added Padoan, "the source of growth must essentially be innovation understood in the broadest sense, not only new products and processes, but also new organizations and new standards".
As far as the financial system is concerned, "there was a structural reform that took away a lot of effort - concluded Padoan - now the banks have hopefully set aside hotbeds of crisis, which were individual but with negative systemic potential, and started a mechanism by which the terrible NPLs – this night nightmare of financiers, or at least of some – are slowly but surely melting away”. Even the Pir, the individual savings plans, "are having an important success from which it is legitimate to expect an impact on growth".
