“It is sad to note that it took an attack by 'a congregation of speculators', as many Italians judge the events of these days, to push the system towards behavior under the banner of common responsibility. Even so, it was a remarkable reaction that few would have bet on. Indeed, many have staked large sums against ”. This can be read in a speech by Mario Monti, former EU commissioner, on the blog of the Financial Times. Entitled "To escape the crisis, Italy needs a profound overhaul of the economy."
Monti who traces part of our problems back to a double vice (the habit of postponing solutions to the Greek calends and the rituals of Italian comedy), also writes that: “Naturally this does not mean the end of the Italian problems. Even in the event of a positive outcome of the maneuver next Friday, a reorientation of the Italian economy is urgently needed”. A fiscal reorganization is necessary but also leaving behind the "indeed philosophical" political orientation followed by Giulio Tremonti himself in his three government experiences: it has never been understood that Italy urgently needs to increase productivity and growth and at the same time reduce social inequality.
To achieve this goal, continues Monti, "it is necessary to remove the structural impediments to growth". To do this we need to defeat the traditional tendency of Italians towards corporatism and the lack of protection of competition. In part this is due to the weakness of the independent authorities, in part to the limits to competition resulting from the choices of the government itself.
The need to make the economy more competitive through closer integration of the markets concerns a bit all of Europe, underlined Monti. But in the case of Italy the theme is one of "absolute urgency". The need for structural reforms capable of fostering development and growth have not been adequately supported by either the left or the right. Now, once this week's turbulence has passed, "ensuring that this need rises to the top will be the real, great Italian challenge," concludes the economist.
