Europe
A “Toolbox” to avoid the fourth Europe’s crisis
Marcel Fratzscher, President of Deutsches Institut für Wirtschaftsforschung and Enrico Letta, Prime Minister of the Italian Republic from 2013 to 2014 are the two experts selected by Ambrosetti to talk about the growing complexity of international chessboard at the Ambrosetti Forum Previews.
Their speeches focused on the triple crisis that are affecting both Europe’s political and economic systems (Italy being the Member State most hard-hit, reversing from the” drivers’s seat to a bicycle”).
Marcel Fratzscher, President of Deutsches Institut für Wirtschaftsforschung and Enrico Letta, Prime Minister of the Italian Republic from 2013 to 2014 are the two experts selected by Ambrosetti to talk about the growing complexity of international chessboard at the Ambrosetti Forum Preview.
The analysis, though, tried to give rise to something more than a mere “data reading”: it actually aimed to offer a precious and different key for reading these events and providing a concrete contribution to get over the international impasse.
Both speakers put the stress on the risk of setting a “vicious circle”, warning of a post Brexit domino effect and “Confidence Crisis” that could lead back to nationalism.
The stagnation and persistent conflicts are due to different and unprecedented crisis, all of them being handled without the “toolbox” nor concrete actions.
A positive and pragmatic example of dynamism we should embrace was the Draghi’s “Whatever it takes”: in July 2012 his quantitative easing and interests rise definitely saved the day.
China’s slow down doesn’t put this Country in the corner, the emerging market economies and the Europe’s split in two different areas, have weakened Europe’s leadership and urge the growth of public and private sectors. Consolidation is not enough to get over the stagnation scenario.
Italy’s high public debt looks like a common issue: almost every Eurozone Country shares it, with the exception of Balkan Countries, Sweden and Denmark.
Nonetheless, neither Italy nor Germany will probably be included in the G7 by 2050, if we don’t think about future as a common destiny any longer. Europe still has a key role to play, a different leadership that doesn’t consist in demography or GDP shares.
Europe must, instead, raise its voice on critical issues like environment, welfare and gender balance.
Gianluca Consonni
Partner, The European House - Ambrosetti
Head of Professional Training Services
Area Leader Lombardy (Milano and Province and Monza-Brianza)
Tel. +39 02 46753 265
gianluca.consonni@ambrosetti.eu
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