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Minister Roberto Gualtieri, the May decree struggles to see the light. Contrasts mostly weigh on some central themes. Most importantly, it concerns state intervention in support of companies. Do we have to prepare for a new phase of massive state presence in the economy?
“No invisible hand can harbor a global crisis of this magnitude alone. The state has a duty to intervene in defense and support of workers and companies. No one wants to nationalize the economy, but interventions are needed to protect and stimulate our production system. It is what is happening in the world, and it is what we are doing in Italy with interventions whose size is unprecedented in republican history.
IN DEEP
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With entrepreneurs, the frost seems to have fallen. The designated president, Carlo Bonomi, defines the absurdity that the state first indebts the companies and then proposes to enter the capital; But, above all, that government intervention cannot be just debt and subsidies. The subsidies will end and we will find ourselves with a huge debt. Can you help us understand what is the meaning of a 155 billion move? What is the correct balance between loan and non-repayable contribution?
“This government considers that the question of the vitality of Italian companies is absolutely central, that we all want to continue to be the heart of our economy.” We have always said that state guaranteed liquidity is necessary but not sufficient. For this reason, in addition to providing income subsidies and subsidies to smaller companies for almost ten billion, we guarantee support in the form of capital or hybrid capital instruments to medium and large companies in difficulty, for which the lost fund does not is allowed “.
Will this support be in line with the new European rules that foresee specific conditions both in the timing and remuneration of state support and in the bonus and dividend regime of the companies that use it?
“Of course, this will happen through the allocated assets of 50 billion conferred on the Cassa Depositi e Prestiti. Furthermore, I would like to point out that Cdp’s participation in the purchase of temporary minority interests in the companies’ capital is also one of the proposals that Confindustria sent us. As for SMEs, on the other hand, we will provide strong tax incentives for recapitalization, a public guarantee from the new capital and the possibility of receiving a capital contribution in the form of a hybrid guarantee that does not include any participation in governance, and a part whose value can be transferred free of charge to companies that have invested in innovation and sustainability and have retained employment. It is an organic and coherent set of interventions that will be among the largest and most ambitious in Europe. We are engaged in a constructive dialogue with Confindustria to further strengthen it. ”
What development measures will enter the decree? The decree was created to grant bonds for April, but in mid-May it is not yet in the Official Gazette. What did the state of the problems learn with the procedures of the previous measures?
“The moment was conditioned by the delay with which the EU Commission adopted the new rules on business aid, which constitute the heart of the decree along with the release of investments and the simplification of administrative procedures. The new INPS subsidy For self-employed and seasonal workers, the more than 3.7 million people who have already received it will be automatically paid in just a few days without the need for a new application, and we consider the non-refundable contribution, which the Agency will provide as income, arrivals to companies at the beginning of June. Of course, it was frustrating to note that a part of the resources allocated on time on March 17, with the Cura Italia dl, got stuck in the maze of bureaucracy, I mean in particular the Cig in derogation, to which two million workers are still waiting for payment. With the Conte award, we applied to the INPS and the Ministry of Labor I hope they prepare simplification measures for a procedure that is obviously too complex. ”
In Def, the government expects Italy to have 155% debt this year. The EU Commission expects almost 160%. The ECB is buying BTP in the market by supporting the prices of our securities. But the German Constitutional Court has ruled that the ECB has likely left the seed of its mandate. Is there a risk that the ECB’s stock will weaken? What would happen if the markets lost confidence in the Frankfurt interventions?
‘The independence of the ECB is in no way bound by national courts and is guaranteed by EU law, in which the only body authorized to express itself is the Court of Justice. For Italy, these principles are fundamental. The ECB’s action will continue with unchanged effectiveness in support of the European economy and financial stability and I am confident that the German government and the Bundesbank, recipients of this singular judgment, will be able to provide the Karlsruhe court with the requested clarifications. ”
The Treasury department is imagining a new specific tool for retail investors and families. In general terms, how will it differ from Btp Italia and how will it be used to finance expenses to overcome the Covid crisis?
“Now we are very focused on a good result of the BTP Italia problem scheduled for the next few days. We are also working on a new product for retail that will have different characteristics from Btp Italy, but that, like Btp Italy, will finance expenses to face the Covid crisis and boost the economy.
What happened to the green bond project? Was it paused?
No, the technical work continues. In the coming months, an attempt will be made to find a suitable market window for the launch of the first title. ”
Will Italy use the State Savings Fund or will it weigh the one not advanced by M5S?
“It is positive that from June 1, the Month will be able to offer all countries a new 10-year financing line for 2% of GDP at a rate close to zero for direct and indirect costs of medical care and prevention. related to Covid, no additional present and future conditions. It is a safety net whose availability contributes to strengthening financial stability. If we evaluate the suitability of its use, Parliament will naturally get involved.
What stage are the negotiations for the establishment of the Recovery Fund?
“We are committed to making it operational as early as the second half of 2020 and to have dimensions that contribute significantly to revitalizing the economy and supporting the most affected territories and sectors.”
How is the European project emerging from this unprecedented crisis? Beyond the North-South opposition, for those who believe in Europe, could it not be time to make reasonable proposals to strengthen institutions, such as a common fiscal policy capable of competing with the sovereign field?
After an initial inadequate reaction, there was a significant qualitative leap forward and tools are being developed that would have been unthinkable before the crisis: just think about the fact that the EU will finance itself in the markets to support common policies. It is essential that this momentum does not diminish and that the innovations under discussion live up to expectations and translate into a permanent strengthening of economic governance so that Europe can relaunch its own project. ”
Before the emergency, the government faced serious industrial crises from Alitalia and Ilva. Alitalia’s case seems to be channeled towards a nationalization of 3 billion. What are the plans for the Taranto Ilva instead?
«In Ilva we began the dialogue with Mittal for the joint venture of the state in the Taranto steel company. We will soon face the problem of redundancy, we said that there will be no layoffs, but there will be an extraordinary layoff for the restructuring. We must put Taranto in a position to produce steel with innovative methods, the previously reduced plan and the electric furnace for the production of green steel with reduced emissions is an important industrial policy project for which we will also use EU funds.
About Banks State-guaranteed business loans are in trouble. His government colleague Patuanelli says there are banks that slow down disbursements. In turn, the bankers ask that they be exempted from liability in case of default of the companies that have received the loan. Where’s the short?
“The data is clearly improving, but it is still not satisfactory. We are almost 130,000 loans for which the guarantee of Mediocredito Centrale has been requested for an amount greater than 6.8 billion, while for the Sace guarantee directed to larger companies there are currently around 250 investigations open by banks for so many financing operations with a total value of approximately 18 billion, which will receive the state guarantee in 48 hours as soon as they are completed. The numerous examples of timely loan disbursements demonstrate that the legislation allows for very rapid procedures and therefore it is unjustifiable that there are cases where this does not happen and that individual branches require unnecessary documentation or are more rigid than necessary. We are ready for future regulatory interventions, but this should not be an alibi for anyone. However, it is good to remember that thanks to the moratorium introduced in Cura Italia, more than 1.6 million loans and mortgages have been frozen for almost 900,000 families and more than 650,000 companies for a total amount of almost 180 billion euros. ”
Companies demand, above all, bureaucratisations. In this, too, the government has announced interventions. With what priorities?
“With the collaboration of various sectors of the government and the coordination of Palazzo Chigi, measures are being developed on a wide spectrum in various sectors, beginning with construction and acquisitions. After the support and the injection of liquidity, there must also come the relaxation of the procedures and the charges for working and producing, eliminating in the sectors also regulated by European standards that unnecessary surplus that has weighed the entire system. Urgent measures are also being considered to liberalize and simplify all administrative procedures that affect citizens and companies in the most varied fields, trusting citizens and what they declare first. Some of these measures will already be anticipated in the relaunch decree, while most will become an organic simplification decree. “
What autumn awaits us? Prime Minister Conte told the unions that the government will do everything possible, but that the maxi decree will not be a panacea for everything and not everyone who loses their job will find it. Are you afraid of social tensions?
“The extraordinary sense of responsibility that our citizens have faced in recent months shows not only that Italy has the strength to overcome such a critical moment, but also that of facing global challenges with a great spirit of social cohesion.” Now it is a question of not dispersing the results of the efforts of the Italians. We are aware of the difficulties that still await us, but we are launching massive measures that start from the firm so as not to leave anyone behind ”.
Last update: 01:22
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