Strengthen the manoeuvre, secure the balanced budget in 2014, clarify the yellow of the 2011-2012 public accounts and immediately open the Draghi agenda on growth and liberalization, without forgetting to give strong signals on the reduction of the costs of politics. It is the recipe of Stefano Micossi, the volcanic general manager of Assonime. to energetically face the crisis tormenting Italy on the markets, on the Stock Exchange and in government bonds and recover confidence. Here's how he explained it to Firstonline.info
“The moment we are experiencing is very serious and it is time – he maintains – to banish controversy: fortunately the Italian and European institutions are aware of this and are reacting well and it is important that all political forces, right, center and left, are aware of the fact that to get out of the tunnel and recover the confidence of the markets, one cannot play with fire and strong signals must be sent".
FIRSTONLINE – Strong and immediate signals but what could they be?
MICOSSI - What frightened the markets and paved the way for speculation was the idea circulating among the Italian political forces that the obligations undertaken with the EU could somehow be mitigated to achieve a balanced budget in 2014: this was and it is an illusion but the perception that the Italians were thinking of some cunning has unleashed the attack on Italy on the markets. Therefore, we need to start from there to regain confidence: the economic maneuver under discussion in Parliament must be strengthened and immediately and without uncertainties contain measures that guarantee a balanced budget in 2014
FIRSTONLINE – Are these assurances on public accounts enough to restore confidence?
MICOSSI – They are the first step but they are not enough. Neither for public accounts nor for the future of our economy which, together with the consolidation of public finances, must never forget the centrality of growth.
FIRSTONLINE – Then?
MICOSSI – On the public accounts, in addition to swearing to break even by and no later than 2014, there is an operation-truth to be done as soon as possible concerning the accounts for 2011 and 2012. It seems to understand that there is a breakthrough of 8 billion, and that 2 billion are missing for this year and 6 for 2012: if this is the case, the Government must tell the truth and act quickly. The truth can be painful but it always pays off and gives the country credibility.
FIRSTONLINE – How could the maneuver be strengthened by regaining the confidence of the markets?
MICOSSI – We need to speed up and strengthen the maneuver on at least three fronts: pensions, the reduction of tax breaks and health care. On pensions, it is time to give a halt to old-age pensions but also to speed up the raising of the retirement age for women and for everyone. On the tax front, the jungle of tax exemptions must be deforested as soon as possible and without waiting for the reform to take effect through the very long process of the enabling law.
FIRSTONLINE – Then there are the cuts to healthcare
MICOSSI - Exactly. It is scandalous that, for the same services, the Lazio Region spends 1 billion euros more a year. This imposes a squeeze on rogue Regions and the rapid and mandatory introduction of standard costs.
FIRSTONLINE – Director, you are putting forward proposals to tighten the economic maneuver as suggested by the emergency that the country is experiencing also as a result of the market turmoil and the speculation attack, but are you sure that the political and social system is capable of withstanding them?
MICOSSI – I seem to have a new awareness of the drama of the moment, but we must also recognize that the manoeuvre, as well as being strengthened, must be corrected in at least two points with obvious economic and social effects.
FIRSTONLINE – What would be the corrections to be made to the maneuver?
MICOSSI – We need to change the rule on 1% depreciation for infrastructure and we need to cancel the cooling of the indexation of the weakest pensions, at least up to 2.500 euros per month. However, in addition to the maneuver, the response that Italy must give immediately to recover share on international markets must involve other aspects: growth and the costs of the policy itself.
FIRSTONLINE – Everyone hopes for greater growth than expected for our economy, but is it possible to imagine interventions with immediate effect without burdening the public finances?
MICOSSI _ Yes, there are at least two moves that can be implemented immediately for growth. The first is the immediate announcement of Italy's adhesion to the European rules and procedures for public tenders and supplies, with consequent transparency on the costs of the public administrations of an operation which is worth 15% of GDP. The second move that can be started immediately concerns the immediate opening of the so-called Draghi agenda on reforms and liberalizations: the development of competition has no economic costs for the State and can make a significant contribution to growth and it is therefore time to accelerate on liberalization of gas, energy and telecommunications networks but also of distribution and professions.
FIRSTONLINE – In imagining an immediate strategy for the recovery of confidence, the painful chapter of the costs of politics remains open: so far many words but few facts. Do you think something can be done right away?
MICOSSI – Not only can one, but one must. At a time like the one the country is experiencing, one cannot be satisfied with the reduction in the salaries of dead-father politicians. The essential point to affirm is the exit of politics from the management of public administrations and companies. That is not his task and instead that is the terrain on which temptations are born that can lead to market distortion and above all to corruption. The public administration must become third and Italy must fully adopt the European rules: they are not chimeras but interventions of moralization and reform that are already possible and urgent now.
