Taxation is not only one of the pillars of modern democracy, but can also be a significant resource for development. This is even truer in our current post-pandemic phase, when governments are being called upon to undertake some major transformational processes.
The euro is celebrating its first twenty years as a success but also in the awareness that much remains to be done. The overwhelming majority of European citizens consider the single currency a part of their identity and view it favorably; surely, the introduction of the euro simplified economic and commercial activities. Yet, not to be underestimated is the problem it created, particularly for a country like Italy, by eliminating the possibility of using exchange rates as a competitive devaluation tool.
Italy’s 2021 economic recovery, an excellent sign for the future, was led especially by domestic consumption and other segments such as construction that enjoyed the benefits of fiscal incentives, and thus offers a good point of departure for 2022. This despite national and global level threats that include increased energy and raw materials prices, the slowdown triggered by the fourth pandemic wave, and bureaucratic snags that could obstruct the timely manufacture and consignment of the machinery needed for the digital transition.
