The participants at this talk and debate session were reminded that the main priority on the economic agenda of Western countries is the immediate promotion of sustainable recovery. The fact that there are 22 million unemployed people in Europe is indicative of the social hardship caused by the recession. Linked to this surplus production capacity is a reduced ability to use leveraging (the very mechanism that induced “euphoria” within the economic system thereby triggering the crisis). Whilst there are signs of recovery from the crisis, significant performance and quality-of-life differentials will soon emerge between the various Western countries.
It was observed that the conditions required to ensure growth have an associated cost and require a positive outlook on the part of economic actors and households. In particular, in Italy, sustainable growth will require the simultaneous and coordinated activation of four driving forces:
a) business competitiveness: as the last two years have shown, this is a resource that Italy does possess, as demonstrated by the production system’s capacity for internationalization, the quality and cost of products, and the organizational and financial strength of businesses. Oversight and regulation of banking and financial institutions in Italy has also limited the negative impacts of the crisis on the country;
b) economic competitiveness: an element dependent on large-scale tangible and intangible infrastructure, the level of education and training, and the effectiveness and efficiency of the public administration and the justice system (particularly in terms of the duration of proceedings and the methods available for resolving contractual disputes). Italy’s weak performance in these areas is a challenge yet to be overcome;
c) social cohesion: Italy has a strong welfare system, but an underlying system of rules and values that is weak and not broadly shared. The non-profit sector is, however, emerging as a new intermediary, fostering social cohesion through an approach based on the principles of solidarity and subsidiarity; and
d) social dynamism: a society’s vitality also stems from its level of internal social and geographic mobility, the extent to which it rewards merit, and its capacity for decision-making. These are all areas of structural weakness for Italy.
The participants concluded that in order to activate these driving forces of growth in a simultaneous and coordinated manner, there needs to be a shift in the focus of leaders at all decision-making levels towards innovative solutions aimed at addressing new and emerging issues, such as multiculturalism. If – as was noted – “the future is no longer what it once was”, then what is needed is the courage to invest in change, together with an exceptional ability to recognize and exploit new opportunities.