The economic future of Europe and the US, the TTIP implications and investment opportunities in Italy
Organized in collaboration with the Italian Business & Investment Initiative, this international workshop highlighted a renewed openness towards investing in Italy precisely because it possesses – albeit frequently not well-known – assets of interest to investors. It was stressed, however, that implementing (not merely announcing or adopting) reforms, and providing certainty, consistency and a business-friendly environment, remain the real challenges to overcome, as there is fierce competition between nations to attract foreign investment.
Of virtue and necessity: privatization to spur growth in Italy
Proceedings at this national roundtable got underway with participants observing that Italy periodically looks to privatization as a means to restoring the fragile fortunes of its public finances. Yet while the increasingly straitened condition of these finances is what gives rise, from time to time, to the need to engage in such sell-offs, privatization cannot and should not merely entail a quick grab for cash. Indeed, the roundtable saw a number of different aspects of privatization discussed.
Expo 2015: Italy’s food and agriculture industry and global markets
Kick-starting discussions at this national conference was the observation that with a turnover of 132 billion euro and a workforce of 385,000 people, the food industry confirmed its position in 2013 as a leading sector of the Italian economy, holding up well against cyclical pressures despite the difficulties.
Helping Italian SMEs compete on global markets
Kick-starting this national roundtable event was the observation that the question of the competitiveness of Italian firms in global markets can be summed up in the indisputable if somewhat simplified proposition that while exports alone are not enough to get by on, they are nevertheless vital for survival. It was noted that the longstanding issue of the internationalization of Italian SMEs has been a subject of public debate for decades, in parallel with the escalation of globalization and the technological revolution.
Focus on industry: how to increase competitiveness?
Opening proceedings at this ASL session was the observation that industry is once more the focus of economic growth strategies in the major advanced economies, having been so all along in emerging markets. Taking off first in the US, this approach has recently gained purchase in Europe as well, such that industrial policy, which until a few years ago was considered old hat, has again become key in the formulation of economic policy strategies.
Development strategies for tourism
Debate at this ASL session focused on examining the impact in Italy of global developments in tourism, with the participants acknowledging from the outset that both quantitative and qualitative changes in the industry require the country to formulate appropriate strategies if it wishes to ensure that the sector remains a key lever of its economy.
Governing complexity in the country system: challenges, priorities and Italy’s choices
The participants at this ASL seminar noted that Europe has made it past the most acute phase of the economic and financial crisis, but is still struggling to embark on a virtuous process of sweeping and sustained growth.
It was felt that in order to accomplish this, the Member States need to fully seize the opportunities offered by the digital revolution and confront the associated challenges and risks – including to the quality of democracy – arising from the change that this technological paradigm brings with it.
Does Italy need to be re‐industrialized? Models and methods to improve competitiveness
Serving as an opening premise for this meeting of the Former Aspen Junior Fellows was the observation that after years or even decades of being sidelined in economic and political debate, the issue of manufacturing development has made a comeback on the international policymaking scene. Many developed economies have long looked on – passively and sometimes even with a certain smugness – as national manufacturing industries declined, in the belief that the main engine of the economy was, and would increasingly become, the advanced services sector.
A multidisciplinary culture to build a new future: knowledge, capacity to change, responsibility
Discussions at this roundtable got underway with the observation that five years of crisis – triggered by the collapse of the financial sector and constantly compounded by (public and private) financial difficulties – have forced a rethink of the role of industry, which is now called on once again to become an engine of growth. Indeed, the need for a different economic vision, one which combines the kind of tangible and intangible values needed to kick-start new sustainable growth – has seen the production system return to center stage.
Generation Y and the employment challenge
At this event to discuss the latest issue of the Aspenia journal, it was observed that growth and jobs figures continue to deliver an undeniably worrying outlook for Europe, and Italy in particular. The Italian economy is still losing jobs, especially positions for young people, while the recovery is set to be slow (and uneven as between different parts of the country), with the expected increase in job opportunities falling below GDP growth.
Italy’s tax police and financial markets. Preventing crimes to ensure economic stability
This Aspen Junior Fellows meeting and debate session got underway with the observation that the importance of protecting the public economic order is underlined by the challenges currently faced by Italy in the public finance arena, which have impacted on the country’s development and its citizens’ standard of living. It was stressed that, in a modern economy, the value of lawfulness needs to be affirmed through regulatory certainty and high-quality rules, backed up by effective enforcement mechanisms.
Italy’s food and agriculture industry: a key sector for global markets
Discussions at this National Conference hinged on the central observation that the Italian economy can only be revived by capitalizing on the country’s flagship production sectors, with the food and agricultural industry singled out as being of prime importance. Indeed, it was noted that the sector has continued to be a standard-bearer for “Made in Italy” excellence even amid the economic downturn.
Striking a balance between a fair tax system and economic growth in Italy
Proceedings at this National Roundtable examining the link between fiscal equity and growth in Italy got underway with the observation that, according to the Italian Constitution, taxation, as well as enabling the delivery of services and benefits essential to the welfare and progress of citizens, should also help overcome social inequalities through the application of redistributive justice criteria. This principle of “fairness” in setting tax levels takes on an even greater significance when, as is currently happening, social and economic disparities widen.
The labor market, competitiveness and human capital
The participants at this National Conference noted that for decades the relationship between labor and capital in Italy seems to have swung periodically between the antitheses of cooperation and conflict – of subscribing to a shared mission and engaging in confrontation as a matter of principle. Ranged on one side has been a notion which views a business as a community of men and women intent on achieving shared objectives, and on the other has been a more class-conscious approach, grounded in the competing interests of all the various actors in the labor market.
The banking sector and industry: creating a virtuous cycle to stimulate Italy’s real economy
Kicking off discussions at this national conference was the observation that the current financial crisis, evidently systemic in nature, is predominantly being shaped at this stage by perceived risk factors linked to vulnerabilities in the real economy and the banking system. Efforts in the political, economic and monetary arenas – both at national and European levels – seem to have eased speculative pressures on the markets and tentatively restored international investor confidence.
The arts, the economy, the market: in search of a virtuous dialogue
The indestructible bond between art and the economy needs to be forcefully reiterated today, even at such a tough time for the global economy and for Italy’s economy in particular.
Local dynamism in Italy: the keys to success
Kick-starting the discussion at this National Interest roundtable session was the observation that local-area dynamism is an essential ingredient for countries like Italy whose economy is characterized by a plurality of development models. The major contrasts existing between different regions of the country, it was stressed, need to be understood and addressed in order to foster proper growth at the local level that is both mindful of territorial specificities as well as capable of meeting the challenges posed by globalization.
Investing in stocks, controlling company shares and corporate governance
Paving the way for discussions at this National Roundtable session was the acknowledgement that in a climate where globalization processes are playing an increasingly more central role in Italy’s social and economic development, Italian firms also need to gear themselves up to being more globally competitive. Achieving this objective, it was suggested, brings with it a renewed need for financing or refinancing of many of the country’s firms and banks.
Italy’s savings: how to make it work for the country’s development and well-being
Opening the discussion at this National Roundtable was the observation that Italy’s stock of personal savings continues to highlight its strong position as a country with among the highest per-capita net worth in the world. Nevertheless, it was acknowledged that in order to give a complete picture of the situation, two areas in which Italy diverges from, in particular, other major European countries, need to be considered.
The role of international businesses in Italy’s economic growth
This roundtable saw those in attendance debate the role that foreign-owned firms play in the Italian economy, particularly with a view to identifying approaches and measures that could enable foreign direct investment inflows to be improved.