The approximate five million foreigners currently living in Italy – 8.2% of the resident population – make an 8.8% contribution to GDP. The numbers point to an immigrant presence equal to the number of Italians residing abroad and to a major financial impact that affects even the social welfare system.
A little over 25 years since its establishment, Italy’s Antitrust Authority – hailed by those attending this national roundtable as an indubitable success story – was characterized as facing new challenges linked to profound changes that have impacted on the entire economic system. Cited among these were ever-greater global integration, a new dialectic between the real and financial spheres of the economy, and, above all, a complete rethinking of value-creation models due to the increasing digitalization of every aspect of human lives.
Discussions at this national conference began with recognition that, in a globalized economy where the standardization of consumption risks reducing competition between companies to a simple price war, a firm’s culture becomes a key selling point. In this regard, culture was interpreted in its broadest sense, as an amalgam of values, knowhow, and traditions handed down from generation to generation and which helps to shape the uniqueness of a given local area and the identity of a particular company.
This meeting was part of Aspen Institute Italia’s efforts to support business by promoting efficiency and effectiveness in public administration. For the occasion, the Institute carried out a detailed study coordinated by Professor Sabino Cassese, an innovative feature of which are the assessments and proposals contributed by various associates currently confronted with entrepreneurial and productive challenges.
The fifth edition of the annual National Conference on the Italian banking system sought to offer a forum for a wide-ranging discussion with a view to giving the participants the opportunity to reflect on the consequences of developments in the banking sector on the economy and society. In this regard, banks were acknowledged as the very lifeblood of economies, linking those who save with those who invest.
Industry has only recently been rediscovered as having a fundamental role in Europe and the world. Industry 4.0 is a revolution that is going to change not only industry itself, but economic systems as well. The “Smart Factory” involves all phases of industrial manufacturing, from design to production and logistics, all the way to post-sales. The smart factories of the future will be part of a social network consisting of machinery, goods, workers and consumers that, as they interact, will establish a new technology-production paradigm.
The issue of the representation of special interests is currently taking on particular importance within the Italian political system: this is occurring as a result of political parties’ declining monopoly over the function they used to have of intermediating interests, and due to the emergence of the governance paradigm more open to identifying a role for the stakeholders within the process of public decision-making.
We need a new way of narrating Europe. We need it above all to counter the populist drift that has made anti-Europeanism its motto. Data provided by the Eurobarometer, the instrument measuring the belief of European citizens in the idea of Europe, shows that the vision of the founding fathers is in free fall. In 2008, 75% of Italian citizens were strongly convinced that the European project was a good thing, while today there is a risk that this percentage will drop below 50%.
The chief thrust of discussions at this national roundtable was that Italy’s manufacturing base has demonstrated a great capacity for responding and adapting, even though the continuing economic crisis has seen a major industrial downsize. Indeed, between 2008 and 2014, the number of Italian firms fell by about 47,000, a drop primarily involving small and medium-sized firms, while manufacturing potential as a whole shrank by 18%.
Discussions at this Conference for the Italian talent abroad group focused on the need for a development model where economic growth is not merely an end, but serves as a means to improving the quality of people’s lives. This was highlighted as the shared goal uniting Italy and the more than 150 countries which, during the recent United Nations Sustainable Development Summit, adopted a package of Sustainable Development Goals (SDGs) to be pursued by 2030.
Running through discussions at this national roundtable was the acknowledgement that the opportunities offered by the technological revolution currently in progress pose a challenge for Italy, namely: that of deploying innovation to preserve the nation’s position as the second largest manufacturing country in Europe.
The focus of this fourth edition of the annual National Conference on the Italian banking system was the future of a sector being squeezed between, on the one hand, a veritable regulatory deluge that has contributed to reduced profit margins, and, on the other, new competitors from associated sectors that already existed (shadow banking) or are entirely new (fintech), which threaten business that has always been the preserve of the banks.
Proceedings at this national roundtable kicked off with the participants acknowledging that the illicit trade in goods and services, today more than ever manifested by smuggling and, more importantly, by product piracy, is an endemic and growing phenomenon in both Italy and Europe.
Kick-starting proceedings at this national roundtable event was recognition that debate on the state of the labor market in Italy and reflection on how the country measures up with conditions and models in other countries (Germany and the Netherlands in particular) are now more than ever imperative, at a time when the jobless rate is higher than the EU average (and is, indeed, the highest for youth unemployment), and when manufacturing output and consumer prices are in decline.
Launching discussions at this national roundtable was the observation that the Italian pension system has undergone several attempts at reform over the past 25 years. From the Dini reforms to the more recent Fornero efforts, a succession of reform packages have accorded priority to balancing the public finances which underpin the first and most important pillar of the Italian pension system – namely, the state pension.
The opening premise of debate at this national roundtable was that Italy’s banking foundations are complex entities, operating as both investors and key players in the financial sector, but also as leading actors in the non-profit sector, an important component of any participatory democracy (like that in Italy) called upon not only to produce economic goods but values as well.
With almost three years having passed since the Italian Prime Ministerial Decree of January 24, 2013, which set out “Strategic guidelines for national cyberspace protection and ICT security”, this national roundtable event afforded an opportunity to take stock of what has been accomplished so far to implement that directive.
Internet, an ongoing revolution. With its many regulatory questions still unanswered (from fiscal to privacy, from copyright to net-neutrality), the call to change business models are of an economic order. For some, it’s the era of the fifth technological revolution which won’t only effect how industry is run, but also how States are run. With this in mind, it could also become a unique opportunity to win decisive battles for the planet such as pollution and poverty.
Setting the stage for discussions at this National Conference was the observation that, in today’s increasingly heterogeneous world, innovation would seem to be an obligatory strategy for steering the major environmental, economic and social transformations that the world is facing. It was emphasized, however, that innovative processes are not spontaneous phenomena, and indeed have their own precise logic and conditions that enable them to thrive.
A year on from Aspen Italia’s 2013 National Conference on the banking system, participants gathered for this third edition of the event to take stock of the role and responsibilities of banks in the current economic situation.
