September 5, 2015 – Ambrosetti interviewed SEP Senior Fellow Fabrizio Saccomani regarding the global economic slowdown and its impact on Italy. Below is a rough translation:
The economic recovery we’ve seen thus far has been a result of internal demand rather than external demand. We had expected that the appreciation of the euro would have helped exports, but the global economy has been slowing down, and emerging economies in particular were affected, including China, of course, but also Brazil, Russia and India—the BRICS, basically.
But I think that, as a whole, even though there has been a global depression, Italy seems to be doing better than before. It is reaping the benefits of what has been done in the last couple of years, and what is being done now. The crisis has been managed, public debt is being managed, and structural reforms have been launched. Therefore, we could say that there has been some continuity between the Monti and Renzi governments with regard to a strategy that is consistent with European and International stances.
The challenge would be to consolidate this progress, and I think it is important that there be a period of stability in Italy that would allow the private sector to invest in new technologies and industrial infrastructure, because it is what the country needs.
The full interview (in Italian) is available from Ambrosetti.