(Finance) – The fiftieth edition of the annual Villa d’Este in Cernobbio has started TEHA Forum Of Cernabbio. This year the title chosen for the event was “Today’s and Tomorrow’s Scenario for Competitive Strategies“. The event will close on Sunday 8 September. After the opening speech by Valerio De Molli (Managing Partner & CEO, The European House – Ambrosetti & TEHA Group), the President of the Italian Republic spoke – live from the Quirinale, Sergio Mattarella.
“THE’Europe is unfinished”, said Mattarella, recalling the “recent lucid choices by the von Der Leyen commission following the pandemic”. These are “significant choices of discernment” that resulted in “courageous policies on debt with Next Generation EU“, he added. The President of the Republic then added that to demolish the debt public it is an “unavoidable necessity” and he explained that “on the debt front Italy has paid more interest than those paid together by France And Germany, and yet it is a reliable payer”. Mattarella underlined that the trend of the rates “is a questionable thermometer” and “Italy is a honorable debtor with a thirty-year history, annual primary government surpluses and a public debt that has grown largely since 1992, mainly due to interest payments”.
“A simple question: does the external or rather internal constraint, as it would be more correct to say, derive from the rules or from the debt? It deserves a reflection that questions the situation debt of the countries of the Union and urges to systematize, in terms tax and cheapwhich today is entrusted to the sole European Central Bank“, declared the President of the Republic. “The issue – he added – is not purely financial but constitutes a civil, social and democratic issue, intersecting the issues of economic freedom and equality of citizens and credibility international of a State”, he added.
“There is still a long way to go to give rationality to a government bond market which also takes into account the situation of family wealth – he continued –. A European dimension could build truth. Not an invitation to neglect the debt, which must be reduced, but an invitation to complete theEuropean financial building“.
Mattarella then invited us to “reflect, broaden our horizons and then take on solutions for the challenges the world is facing starting from sustainability”.