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Italy’s challenges in the midst of the euro-crisis

Joint workshop of Bruegel and Dipartimento del Tesoro - Ministero dell'Economia e delle Finanze

Roma, 08 Maggio 2013

Via Pastrengo, 1 - Sala Conferenze, RGS

09:00 – 09:30 Welcome/keynote speech
Vincenzo La Via, Ministry of Economy and Finance, Director General of the Treasury
09:30 – 11:00 Session 1. Italy - short/medium run issues: fiscal adjustment and internal devaluation
Italy implemented a major fiscal adjustment in 2012, at a time when the growth outlook worsened. At the same time, inflation, even when disregarding tax increases, was one of the fastest in the euro-area, which hindered the correction of the pre-crisis intra-euro divergences of real exchange rates. Were the speed and the composition of fiscal adjustment correct? What is the desired fiscal policy going forward? How serious is the competitiveness problem of Italy and what should be the right strategy for internal devaluation?

Daniele Franco, Bank of Italy

Paolo Manasse, (PDF, 213 KB) University of Bologna
Zsolt Darvas, Bruegel

Jean Pisani-Ferry, Bruegel
11:00 – 11:15 Coffee break
11:15 – 12:45 Session 2. Italy - long run issues: the long-term outlook for the Italian economy/structural reforms
Since the early 1990ies, Italy had one of the weakest growth rate in the EU. GDP/capita has been falling behind and the crisis made this trend even worse. What are the deeper roots of the poor economic performance of Italy? Did the reforms implemented in the past few years target the most pressing weaknesses of the economy? What kind of reforms could foster the growth potential of the country?

Jean Pisani-Ferry, Bruegel

Francesco Daveri, (PDF, 828 KB) University of Parma
Fabiano Schivardi, (PDF, 1438 KB) LUISS University

Lorenzo Codogno, Ministry of Economy and Finance
12:45 – 13:45 Lunch break
13:45 – 15:15 Session 3. European banking union and Italy: design issues, financial fragmentation, impact on the Italian banking sector
The European banking union initiative was launched as a response to the recognition of the vicious circle between banks and sovereign in the euro-area. It aims to break this vicious circle, to reverse the fragmentation of the banking markets along national borders, which started with the intensification of the euro-crisis, to improve the banking oversight, in particular, of cross-border banks, and to reduce the probability of bank failures the ensuing costs to taxpayers. Are the current contours of the banking union adequate? What are the desired features of the next major planks, resolution, burden sharing and perhaps deposit guarantee? What is the current state of the Italian banking sector and how has the banking union initiative impacted banks in Italy?

Alessandro Rivera, Ministry of Economy and Finance

Guntram B. Wolff, (PDF, 166 KB) Bruegel
Rainer Stefano Masera, (PDF, 1,97 MB) University of Rome Guglielmo Marconi

Marcello Messori, (PDF, 336 KB) LUISS University
15:15 – 15:25 Close

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