Stefano Micossi

Lack of integration of capital markets is a major source of weakness and declining competitiveness of the European economy. While efforts to complete harmonization of capital market legislation in this domain should retain highest priority in the new Commission’s work programme, there is room to advance integration by exploiting the STS regulation introduced by the EU in 2017 as part of its broader efforts to implement the CMU.

The 1960s and 1970s acute industrial conflicts were at the root of the demise of large companies in the Italian economy, setting in motion a trend of reduction in company size that continued over the ensuing decades

ECB independence is inconsistent with the present overreach of the institution into the economic policies of the member states, a function for which the ECB is not accountable.

La Nota di Aggiornamento del DEF (Nadef) e la bozza della Legge di Bilancio del Governo Meloni indicano obiettivi e programmi di politica economica sulla cui credibilità gravano varie ipoteche. Le difficili condizioni dell’economia internazionale e l’intrinseca debolezza della finanza pubblica italiana possono mettere in questione gli impegni dichiarati dal governo, con implicazioni per la stabilità finanziaria del paese.

Our analysis indicates that the budgetary documents presented by the Italian government are based on excessively optimistic forecasts regarding GDP growth, the effectiveness of budgetary measures and the revenues connected to privatizations. As a result, the very small projected decline in the public debt/GDP ratio is not likely.