(Finance) – “We estimate for the quarter just ended robust growth, which would lead to growth acquired for the year around or above 3%, while industrial production is expected to increase by 2% in the three months to June. Although there are strong elements of uncertainty, there are therefore “valid reasons for being confident and with the dynamism of our production system, with an incisive government action and with the essential contribution of the social partners growth will not stop“This is the optimistic message launched by Minister of Economy, Daniele Francoat the annual meeting of ABI.
“The difficulties and risks ahead of us are important, it would be however wrong to indulge in pessimism in a phase in which there are multiple signs of ferment “, he explained to the audience of the Annual Assembly of the Italian Banking Association.
One of the objectives that Italy must aim for in order to cope with the possible risks of “setback” is “increase the employment rate which is particularly lowlooking at young people, women and the South “. In this sense,” the reduction of the tax wedge is a priority “, he added, and will be addressed in the next budget law.
Interventions for expensive energy
The increase in energy prices “does not seem destined to slow down”, and in fact the macroeconomic situation “deteriorated sharply” with the invasion of Ukraine by Russia, which led to heavy increases in energy for families and businesses. “The government intends to continue” the action to contain the impact of expensive energy, but the interventions will be “more selective” and calibrated on the economic conditions of familiesstressed the economist.
The debt issue
“In 2021 the debt / GDP ratio contrary to initial forecasts, it decreased by 4.5 points. Also for this year a significant reduction in the debt / GDP ratio is expected “, said the Minister of Economy.” I am confident that the sustainability of Italian public finances will help to restore more stable conditions on the markets and yields in line with the fundamentals of the economy “, he added on the dynamics of public accounts. The average cost of debt will remain this year in line with that of 2021.
The superbonus node
In the next few days “the control room“between GDF, ministries and other public bodies with the aim of recover the sums of fraud in the superbonus. Franco recalled how 5.7 billion of “non-existent credits, of which 2 have already been collected” were detected. The government, he stressed, has intervened several times “to strengthen controls and set up anti-fraud safeguards to correct the original legislation.
According to Franco, “the role of the banking system will be central“to restore the superbonus credit transfer system after the various government and regulatory interventions and the discovery of maxi frauds, and it is necessary that” companies with legitimately acquired credits “can transfer them.
Banks and public guarantees
“The tool of public guarantees it flexibly adapted to circumstances to prevent the financing of the economy from being jeopardized, going forward it is essential to continue with the gradual return to ordinary functioning“, said the minister in his speeches to the ABI assembly. State guarantees” have been very substantial “in the last two years, he stressed.” Guarantee schemes can only function effectively and sustainably with a adequate selection and evaluation mechanism beneficiaries – he added – and with a balanced sharing of credit risk “.