Freeing up growth: how to ensure productivity and competitiveness in Italy

The seminar, part of a series dealing with major issues and devoted to the National Interest, examined several crucial points for the promotion of economic growth and the raising of productivity levels at a historical moment marked by the risk of recession and by profound transformations in international economic equilibria. It was observed that to unshackle Italy’s growth, governments and the political sphere must be capable of mobilizing coalitions that are favorably disposed to reforms, highlighting the widespread benefits that they can generate. Only in this way will it be possible to remove obstacles, privileged positions and powers of veto. Moreover, within the context of global competition, “time” is a strategic factor in increasing the productivity of national economies. In many cases, being able to make timely decisions becomes fundamental in safeguarding collective values and goods.Particular attention was focused on the issue of justice, which it was felt plays an essential role not only in the protection of individual rights but also in the competitiveness of an economic system. An inefficient legislative framework or lags in implementing laws have serious negative effects on markets and for economic actors. One need only consider how delays in enforcing contracts reduce the investment of businesses and financial operators. In this regard, special attention was dedicated to the issue of how to raise financial resources for the modernization of the jurisdictional framework.Infrastructure networks in the fields of energy, transport and telecommunications also constitute indispensable tools for the growth of the nation. It was noted, however, that in many of these areas Italy exhibits a technological deficit that is becoming increasingly serious. From this springs the need to foster a new era of investment, with competition issues being approached from an EU-market perspective. As far as the role of the banking and finance system is concerned, there is a need to clarify how entrepreneurial aspects and the push for integration on a European scale can be reconciled with the identification of new goals in the service of national growth.