Codice dei medicinali (Italia) (Italian Edition)

The crisis that led Russia to the repudiation of its debt began on 17 August The US subprime mortgage crisis on 7 August In the most acute phase of the euro crisis, Italian treasury bond returns rose from 4. Investors went on holiday this year, convinced that nothing significant would happen in Italy until the European elections of June They thought that the ruling parties would not risk, a few months before the elections, provoking a financial crisis that could be very expensive for the electorate, especially those who voted for the League in the north.

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They expected a certain flexibility — also because the European Commission is at the end of its term of office and is therefore politically weak — and just a taste of the planned reforms, as the government postponed to the second half of a reflection on which of their electoral promises are actually feasible. Such expectations currently risk being shattered.

The idea that the flat tax responds to a social emergency is surprising: In what sense it responds to a social emergency Di Maio did not explain. One cannot live in a dream world and ignore the figures. These savings would disappear if the law were abolished. It is an illusion that they could be replaced by reducing the largest pensions.

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The flat tax, according to calculations published by Massimo Baldini on the lavoce. And if so, what will they be? And at what income level would the higher rate kick in? Will the high-speed rail system — a project that provides work for hundreds of enterprises — be completed? For Portugal it was very important to establish very clear and credible measures in the economic decision-making process.

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We had to be ready to explain the details and the expected results of our policies and to show how they would contribute to the overall goal that we established for growth, the deficit, etc. Secondly, I always asked my colleagues for patience. We needed to give time for the economy to adjust and not to generate signs of fatigue among economic agents about your actions.

Those policies are not effective in a context of constant uncertainty. They work better if they are implemented in a gradual and predictable way. To be effective and credible, we stuck to our policies also because we were elected on that basis. We had to implement them, but implement them gradually.

It had to be possible for everyone to evaluate both results and impact of these policies. The single most important factor for our economies at this stage of the business cycle is to increase confidence. Economic agents need to feel safe to invest and create jobs and invest in education so that people can improve skills and productivity.

Thus we reinforce a virtuous path. Are you trying to suggest Italy should take out the uncertainty as soon as possible and be transparent about what they want to do and the expected results?

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There is a need to convey to citizens, European partners and markets that you are following a clear path. We have seen some negative numbers from the real economy in Italy: Could it be uncertainty that explains a slowdown in investment? But then the proposal will be discussed and voted upon in the Eurogroup. We want to implement and enforce the common rules that we have because that will generate positive spillovers for all of us. It protects our currency.

The atmosphere at the Eurogroup has changed. There are always issues coming up in the Eurogroup, but these days discussions and our ability to reach compromises is clearly better than it used to be some years ago. The common path foresees a reduction of structural deficit for high debt countries.

Do you believe lack of compliance by Italy in the forthcoming budget framework and draft budget might impact the debate on euro-area governance reform? When I spell out in the Eurogroup that the current economic expansion helps us to reach a compromise on EMU reform, this is certainly related with the small dispersion in fiscal positions.

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We have been working very hard and Italy is one of the leaders in risk reduction, in the reductions of NPLs, recap of banks etc. That has made our discussions easier. If you move in the opposite direction, you certainly get the opposite results.

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Yet the proposal is still standing in the euro area and we do perceive some fragility in banks exposed to their own sovereign. Where do you see a possible compromise? There was no agreement in Basel. We have discussed this very openly, understanding possible merits and disadvantages of exposing our banks in a non-necessary way. A view shared at the Eurogroup is that one should not generate the next crisis by trying to prevent future crises.

We will certainly not realise that risk. We have achieved a lot in terms of coordination of our economic policy and convergence. We can introduce other aspects of risk reduction in order to introduce other aspects of risk sharing within our area. How about the deposit insurance scheme? What do you make of proposals suggesting to move part of budget surveillance to the ESM and to set up some form of debt restructuring mechanism for countries requesting ESM lending?

The EU Treaty states that budgetary surveillance is a responsibility of the EU Commission and no one is questioning that. It is true the ESM has been tasked to produce debt sustainability analysis for programme countries. We need to ensure that debt is sustainable or find ways in a programme to make it sustainable.

But a debt restructuring mechanism is something that is not being discussed.