Minister Giorgetti thus presented the Italian proposal to Ecofin, reiterated at the International Tourism Forum: "When they say we shouldn't run a deficit, we shouldn't run a debt. No, you don't have to go into debt. If those before made mistakes, we must not make mistakes. The problem is not so much flexibility or rigid rules, but inserting realism into what is sacrosanct budgetary discipline. What I reiterate at the European level is the Italian position: we accept the principle of rules, I also said this to my German colleagues, of numerical benchmarks on debt and deficit, however this issue of investments, and which are consistent with the political objectives strategic, otherwise there is a lack of logical coherence".
by Andrea Pinto
Giancarlo Giorgetti, the Italian Economy Minister, recently addressed several economic issues in a speech at the International Tourism Forum after attending the Ecofin summit. He underlined the importance of managing the national budget carefully but also highlighted the challenges linked to European rules, in particular the Stability Pact. Giorgetti reiterated the need to introduce realism into budgetary discipline, underlining that it is not just about flexibility or rigid rules, but about finding a balance that considers investments consistent with strategic political objectives.
The minister highlighted the Italian position at the European level, accepting the principle of rules and benchmarking numbers on debt and deficit but insisting that the investments linked to the green transition and defense spending must be considered coherently to reality, i.e. outside the Stability Pact. He underlined that if Europe wants to be a pioneer in the green transition, it must also finance it, and the Italian position is to ensure that such investments are treated preferentially in spending.
Giorgetti also addressed the economic asymmetries between European countries and the differences of opinion on economic management, underlining that a European policy that is too limited within the respective national borders can slow down the entire community economy. Finally, he commented on the good judgments of the rating agencies, underlining that the real positive evaluation comes from Italian savers who subscribed en masse to the BTPs, indicating concrete support for the government's economic choices.
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