— Analysis

  1. Business and economy

    Veneto banks intervention is EU rules-proof, Rome is not Madrid

    by Marco Onado

    IT
    24 Exclusive content for IT24

    The painful story of the two Veneto banks, officially in liquidation yesterday, is emblematic of the delicate situation of Italian banks, exacerbated by a European regulatory and supervisory framework that, as facts are proving, is turning out to be thornier than Procrustes’ bed. The situation has deteriorated since the European regulator expressed skepticism about the possibility of putting the recovery plan prepared by the new managers in ...

  2. Business and economy

    Understanding the productivity puzzle

    by Howard Davies*

    IT
    24 Exclusive content for IT24

    In all major economies, the so-called productivity puzzle continues to perplex economists and policymakers: output per hour is significantly lower than it would have been had the pre-2008 growth trend continued. The figures are stark, particularly so in the United Kingdom, but also across the OECD. And while it goes without saying that economists have many ingenious explanations to offer, none has yet proved persuasive enough to create a ...

  3. European view

    Britain's Norway solution

    by Anatole Kaletsky

    IT
    24 Exclusive content for IT24

    Shortly after UK Prime Minister Theresa May’s decision to call an unexpected “Brexit election,” I wrote that pro-Europeans in Britain might yet snatch victory from the jaws ...

  4. European view

    The Eurozone's hidden strength

    by Daniel Gros

    IT
    24 Exclusive content for IT24

    For years, the eurozone has been perceived as a disaster area, with discussions of the monetary union's future often centered on a possible breakup. When the British voted to leave ...

  5. European view

    Vive l'Euro?

    by Lucrezia Reichlin

    IT
    24 Exclusive content for IT24

    Emmanuel Macron’s victory in the French presidential election on May 7 triggered a surge of optimism about the future of the European Union, and the eurozone in particular. This is ...

  6. European view

    The Eurozone must reform or die

    by Kenneth Rogoff

    IT
    24 Exclusive content for IT24

    With the election of a reform-minded centrist president in France and the re-election of German Chancellor Angela Merkel seeming ever more likely, is there hope for the stalled ...

  7. Business and economy

    Thanks to foreigners, the fall in births and increase in elderly people in Italy is slightly less of a worry

    by Alessia Tripodi

    IT
    24 Exclusive content for IT24

    There were 96,000 fewer Italian residents in 2016, but the number of foreigners is rising, which now make up 8% of the population at the national level. Meanwhile the fall in births underway since 2008 is not stopping: for the second consecutive year births are below half a million. These figures were revealed by Italian national statistics office ISTAT as it presented an update on the demographic situation in Italy yesterday. The study ...

  8. Business and economy

    Qatar says will continue to invest in Italy

    by Carlo Festa and Simone Filippetti

    IT
    24 Exclusive content for IT24

    Qatar Holding is ready to invest in Italy and new transactions in Europe. The decision by Saudi Arabia, Bahrain, Egypt and the United Arab Emirates to break off diplomatic relations with Qatar, triggered in a few hours in the Middle East, does not seem to change (at least for now) the financial strategy of the small Gulf country in the Old World. Sources close to the Doha government say that “other interesting operations in Italy will ...

  9. Business and economy

    Italy Q1 GDP estimate revised up to +0.4%, towards a +1.2% on a yearly basis

    by Davide Colombo

    IT
    24 Exclusive content for IT24

    Figures on greater revenues and credit activity in the services sector have spurred Italian statistics office ISTAT to upwardly revise its estimate for first quarter gross domestic product (GDP) by two decimal places. Italian economic growth in the first quarter of 2017 is now seen at +0.4% compared to the previous quarter, up from an earlier estimate of 0.2%, and growth on the year has been revised up to +1.2% from ...

  10. Business and economy

    The lingering burden of the crisis, and the duty of politics to guarantee timely solutions

    by Marco Onado

    IT
    24 Exclusive content for IT24

    It was not just Bank of Italy Governor Ignazio Visco’s last speech of this mandate. It was the chance for a summary of the effects of the European crisis on Italy and for an indication on the path that is left to take. The message is strong and clear: it is necessary first of all to break the two “weakness factors” that are suffocating the Italian economic recovery: the heavy weight of the public debt, and the deteriorated credit of ...

  11. Business and economy

    Italy sees first effects of the virtuous circle in high-tech

    by Luca Orlando

    IT
    24 Exclusive content for IT24

    “Not doing it would be foolish,” explains Italian machinery industry executive Claudio Piccinini when asked about investing in high tech capital goods. “Our investment is a couple of million euros,” he said. “We are investing six million,” adds his peer Luciano Sanguineti, “and we are preparing for future growth”. And these were not isolated cases among entrepreneurs and managers gathered in ...

  12. Business and economy

    Confindustria asks for "governability and stability": the return to a proportional electoral law isn't a solution

    by Paolo Pombeni

    IT
    24 Exclusive content for IT24

    Confindustria President Vincenzo Boccia sent a clear message to the country’s society and politicians in his speech during the annual assembly of the employers’ association: Confindustria does not reason like a lobby, but like an important intersection of the country’s ruling classes. This is because Confindustria reaffirms that “our strength comes from feeling part of a community,” “a political actor, but equidistant ...

  13. Business and economy

    Falcone's motto "follow the money" still potent tool against Mafia on 25th anniversary of his murder

    by Roberto Galullo

    IT
    24 Exclusive content for IT24

    The investigative legacy of the Federal Bureau of Investigation’s “great friend” Giovanni Falcone -- the anti-Mafia magistrate whose motto was “follow the money”-- continues to live on at the FBI twenty-five years after the massacre in Sicily on May 23 in which Falcone lost his life, along with his wife and his three-man police escort. Falcone’s method is still relevant today, said Kieran ...

  14. Business and economy

    Fear of the future: Italy is poorer and more unequal

    by Alberto Orioli

    IT
    24 Exclusive content for IT24

    The colors and brushstrokes of statistics are no longer capable of accurately portraying Italy: a country that’s stagnant, frozen, unequal, and polarized. It is perhaps due to this reason that ISTAT’s 2017 Report on Italy has fully availed itself of conceptual sociological tools like never before. Italy is stuck due to its inability to get its vital energies flowing, energies that are tied to greedy dynamics from generation to ...

  15. European view

    Italy unfit for the Eurozone?

    by Paul De Grauwe

    IT
    24 Exclusive content for IT24

    Italy’s economic performance since it joined the Eurozone has been dismal. GDP per capita of Italy is now lower than at the start of the Eurozone in 1999. This means that the Italian ...

  16. European view

    What if leaving the euro became inevitable?

    by Emiliano Brancaccio

    IT
    24 Exclusive content for IT24

    Staying in or leaving the euro has been a frequent (and often poorly-discussed) topic in recent years. From the free-flowing opinions of armchair commentators to principled ...

  17. European view

    What if leaving the euro became inevitable?

    by Emiliano Brancaccio

    IT
    24 Exclusive content for IT24

    Staying in or leaving the euro has been a frequent (and often poorly-discussed) topic in recent years. From the free-flowing opinions of armchair commentators to principled ...

  18. European view

    What the euro is doing for you

    by Tarek A. Hassan

    IT
    24 Exclusive content for IT24

    Many of us have fond memories of the time before the euro. I was in a German high school in the late 1990s. I remember spending long days at the local lake and evenings with friends in beer ...

  19. European view

    Reconsidering the Euro for Italy

    by Martin Feldstein

    IT
    24 Exclusive content for IT24

    Although Italy was an enthusiastic adopter of the euro when the single currency began, the Italian experience of the past decade suggests that was a mistake. Real GDP in Italy is actually ...

  20. Business and economy

    Why we need to improve Europe's architecture

    by Lorenzo Codogno & Giampaolo Galli

    IT
    24 Exclusive content for IT24

    We agree with Franco Debenedetti (in the April 19 article published by Italy24) , that you cannot separate the discussion on the costs and benefits of the euro from that of the costs of a transition, or from a wider debate of a political and prospective nature. As written in the appeal by the 24 Nobel Prize winners, including Joseph Stiglitz, against the political manipulation of French far right populist Marine Le Pen, there is a big difference ...

  21. Business and economy

    Italy needs a tax wedge cut and more investments to emerge from labor productivity quagmire

    by Alberto Orioli

    IT
    24 Exclusive content for IT24

    Optimists read the sharp drop in labor productivity in 2016 (down 1.2%) as the other face of a higher employment rate partly due to the impact of the Jobs Act. The idea is the following: doing the same things with more people. Whatever the case, this doesn’t resolve the big Italian dilemma of a stagnating or falling labor productivity since 2000-2001 and of a flat productivity, alone in Europe, since 1995-96. The ...

  22. Business and economy

    Pisa universities set aside historic rivalry to create a new academic super-hub

    by Marzio Bartoloni

    IT
    24 Exclusive content for IT24

    Pisa is working on a dream to create an academic super hub that will merge two smaller but internationally known universities –Normale and Sant’Anna– to compete with “big” universities that attract the best talents, funds, and students. Starting from the next academic year, students will receive the first joint diplomas. Laboratories and tools will also be shared, encouraging an exchange between professors and ...

  23. Business and economy

    As industrial production growth falters, Italy's gap with European peers widens

    by Luca Orlando

    IT
    24 Exclusive content for IT24

    Italy was not the last one in the ladder in terms of industrial production in February. Cyprus is behind it. But that can be no relief, especially considering the large gap between Italy and the rest of Europe, where industrial output is now above the 2010 levels. Italy's missed recovery is highlighted by the widening gap with its European partners, more dynamic and responsive in regaining the lost ground after even worse economic crises than ...

  24. Business and economy

    The Italian paradox: over-50s are finding work more easily

    by Alberto Orioli

    IT
    24 Exclusive content for IT24

    “Companies, hire people in their 50s, there will be advantages for productivity.” These were the words of Ursula von der Leyen, German Labour Minister until 2013 and now at the Defense Ministry. Germany has often faced structural labor market issues that later emerge in Italy. Today the Italian paradox of people in their 50s, those most often laid off, but also those most employed, revives the words of the German minister. ...

  25. Business and economy

    Italian wine a driving force of Made in Italy as international sales keep posting solid growth

    by Emanuele Scarci

    IT
    24 Exclusive content for IT24

    Italian wines have been a driving force behind ‘Made in Italy' food products. According to a report by Mediobanca, this year 19 of the top 30 wine producers generate more than 50% of their sales abroad. Signs are good all around. An analysis of 140 Italian companies with more than €25 million in turnover shows that revenues increased by 6% in 2016, thanks especially to the international market (+6.6%) and a ...

  26. Business and economy

    Milan Furniture Fair shows that regional clusters can form a system

    by Giovanna Mancini

    IT
    24 Exclusive content for IT24

    It's still too soon for official attendance figures but—even with the transportation strike last Wednesday—the organizers of the Milan Furniture Fair (which will be open in Rho Fiera until Sunday) have a very positive feeling. “I'm astonished by the number of professionals here so far, even those that came on Wednesday in spite of the strike,” commented Claudio Luti, president of the Fair. “I believe that the ...

  27. Business and economy

    Milan, the story of a metamorphosis

    by Paolo Bricco

    IT
    24 Exclusive content for IT24

    The share of companies in Milan and Lombardy that have integrated their product and process innovation doubled between 2013 and 2015, reaching 31.4%, a study by business association Assolombarda to be released today shows. That puts Milan and Lombardy above the 31.1% average of a Europe-wide sample of 692 companies. In recent years, Milan and Lombardy have also increased their technical-productive cosmopolitanism, the study ...

  28. Business and economy

    Eradicating tax evasion would benefit SMEs in particular

    by Paolo Bricco

    IT
    24 Exclusive content for IT24

    Small, not very innovative, and tax evaders. The link between company size, innovative capacity and the quality of fiscal behavior is being put under the quantitative and non-moralistic spotlight of Emmanuele Bobbio, economist at the Bank of Italy, in his occasional paper “Tax evasion, company dynamics and growth.” Bobbio has built a model that shows the current shape of Italy's industrial system and outlines the structure ...