Il Mulino

Volume 35

Crescere non è impossibile. Come contrastare pandemia e inflazione

by Marco Fortis and Alberto Quadrio Curzio il Mulino - 2023


This volume offers a collection of articles by Marco Fortis and Alberto Quadrio Curzio (published in major newspapers between November 2021 and January 2023) which explore the most significant events and developments of Italy’s and the EU’s economies as well as their interrelations.
Italy's economic recovery has not been a mere rebound; it is solid growth. The economy’s responsiveness is in part rooted in policy measures that were introduced in the second half of the past decade (first and foremost with Piano Industria 4.0) the impact of which were able to take full effect thanks to the competence and authoritativeness of the Draghi government. Italy’s GDP, to the surprise of many, increased by almost 11 points in two years, while the resources available in Next Generation EU and the NRRP will provide further important opportunities to increase its growth potential over the long term.
Europe, with Next Generation EU, has introduced a major economic policy innovation. The EU’s increasing vulnerability in areas like climate change, energy and raw materials, however, requires other initiatives, including extending the time frame of the National Recovery Plans beyond 2026 in order to strengthen its international standing. An assessment is provided of the importance of introducing both new "functional European entities" and durable EuroUnionBonds to govern and finance the real economy as well as the EMU’s and the EU’s public goods. Other types of Eurobonds are also examined, including EuroSintBonds as a complement to the ECB's monetary policy, which is currently overburdened with sovereign bonds from EMU countries. Furthermore, it is emphasised that the current option of decentralised governance (albeit supervised), as in the case of the NRRP, is not sufficient when it comes to strengthening a unified European system with the aim of greater and more effective integration.