Discussions at this national roundtable session got underway with the observation that the idea of introducing European public debt securities – or so-called Eurobonds – is not a new one: indeed, it dates back to 1993 when Jacques Delors proposed, albeit in embryonic form, the issuance of European bonds to finance investment in European Community infrastructure.
Discussions at this National Roundtable commenced with an acknowledgement by the participants that the global economic arena is no longer characterized by competition played out solely between businesses, but rather sees national economies pitched against each other ever more fiercely.
This trend has led to a gradual widening of the concept of “national security”, with many States now including economic and financial security within the ambit of this term.
This national roundtable discussion got underway with the observation that, traditionally, the banking system has played a key role in economic growth by channeling personal savings into financing the productive activities of businesses.
The participants at this National Roundtable opened the discussion by observing that following the reform of the Italian intelligence services, the activities of the relevant agencies are no longer confined to the protection of the political and military interests of the country, but also extend to defending its “economic, scientific and industrial” interests.
The participants at this roundtable session observed that Italy has long been a country that, paradoxically, is brimming with ideas yet marked by scant innovation and little skilled employment for the young talent chiefly responsible for these ideas. The abundant and inexpensive intellectual resources on hand are held back by a combination of a poor aptitude for project creation and poor communication among the various actors who are in a position to ensure that good ideas translate into great innovations.
Underpinning the discussions at this Aspen national roundtable session on “The new media, the power of information and business” was the notion that the internet could serve as a driver of growth in Italy on the condition that the internet economy bears part of the massive costs associated with its own development. Recent studies were cited which estimate that the internet economy in Italy today accounts for 2% of the country’s gross domestic product, with expected growth margins by 2015 of between 3.3% and 4.3%.
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.
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 roundtable session got underway with an acknowledgement by the participants of the crucial importance of reviving Italy’s artisan culture – a tradition synonymous with the production of high-quality goods through the accumulation, pooling and dissemination of know-how.
The financial crisis has considerably modified the environment in which Italian firms operate. It has introduced new problems in the export sector that are related not only to structural changes in the capital markets but also to difficulties in accessing credit.
Proceedings at this roundtable session got underway with the participants observing that an aging population, immigration and the brain drain are issues that Italy needs to address by looking to the future as well as at the past. Indeed, the current state of affairs is the product of previous trends. In decades gone by, there was a surplus of births over deaths and a negative migration balance, but today that situation has been reversed.
The debate over the need to broaden the scope of economic indicators – and more particularly, moving beyond measurements of GDP – has inspired a wide range of studies on the topic both in Italy and abroad. This roundtable event examined a recent Aspen Institute Italia-Fondazione Edison study entitled “Italy in the new geo-economy of the G-20”, which aims to contribute further to this discussion. The study reveals an Italy that is better-placed than indicated by traditional rankings and compares favorably with other industrialized economies in numerous fields.
The roundtable got underway with an examination of the twofold characterization of Italian exports that has, for over a decade, been a core theme in public debate over the competitiveness of the Italian economy in the age of globalization – one which sees exports both as a driver of Italy’s growth and, at the same time, as a reflection of the outward-looking nature of the Italian production system.
The roundtable participants began their examination of the mobility issues affecting Italy today with the observation that, last year alone, Italian households spent on average more than 35 billion euro on getting from one place to another. Also in 2009, the cost of congestion in metropolitan areas was around 9 billion euro. Just in Rome, for example, fuel consumption totaled between 12-15 million euro in the same year – to which must be added the costs generated by rising pollution in cities and areas beyond city limits, as well as by road traffic accidents.
The discussion at this roundtable session got underway with the incisive observation that managing and exploiting a vast and valuable cultural heritage requires a well-thought-out cultural policy, and a continual balance to be struck between preservation and economic development, between making use of this asset and ensuring it is not “used up”, and between the conservation of ancient artistic works and nurturing contemporary art.
The roundtable session opened with an acknowledgement by participants that the processes of globalization have made the fight against crime more complicated. Criminal activities have spread worldwide, expanding with the internationalization of trade and growth in migration flows. At the same time, however, organized crime has maintained a strong local flavor, due to its embeddedness in local communities and its permeation into the fabric of society.
The participants at this roundtable were deeply critical of the lack of transparency in the international financial system, the product of an out-of-control laissez-faire capitalism and a global lex mercatoria that has swept aside traditional capitalist organizational forms and the regulatory functions of public authorities.
Discussion at this roundtable event got underway with the participants citing recent figures indicating that 70% of Italians anticipate they will have to cut down on spending in 2009. The figure was 21% in 2001, 29% in 2002 and 42% in 2004. At a time of international crisis, this growing trend is forcing businesses to rethink their business models.
The participants at this roundtable session noted that Pope Benedict XVI, in his recent encyclical entitled Caritas in veritate, reiterates that “the world is in trouble because of the lack of thinking”. It would seem that modern life, with its daily challenges, is focusing minds on more immediate and direct concerns. Today’s cultural impoverishment and loss of ideals has generated a fear of living, thought and reflection.
Discussion at this roundtable event got underway with the observation that the development and spread of broadband internet access services have played and will continue to play a key role in the growth of the Italian economy. Indeed, the potential of broadband services to contribute to the simplification of business and administrative processes and the introduction of more efficient business models constitutes an essential prerequisite for improving the international competitiveness of the country’s economy.
