Home » Emma Marcegaglia: “Growth in danger after Draghi, Italy risks big”

Emma Marcegaglia: “Growth in danger after Draghi, Italy risks big”

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Emma Marcegaglia: “Growth in danger after Draghi, Italy risks big”

The energy crisis, inflation and the rate hike decided by central banks will lead to “a sharp economic slowdown”. Emma and Antonio Marcegaglia, from their privileged observatory which is the family business, a leading industrial giant in the transformation of steel with a turnover of over 7 billion, fear “an increase in poverty in Italy”. Guests of “Alphabet of the future 2022”, an editorial project on innovation by the Gnn group, brother and sister answer the questions of the director of The print Massimo Giannini from the factory in Mantua renamed Casa Marcegaglia.

Emma Marcegaglia, who was also president of Confindustria, how do you judge the period we are experiencing?
«We are in a moment with various crises coming up. The first is a very serious humanitarian crisis, with a war that from my point of view has no justification. Then there is a potential dramatic food crisis, we are talking about 200 million people who may have nothing to eat in the coming weeks. We have a migrant crisis, with half of the Ukrainian people no longer having a home, and gas and energy prices that will remain high for a long time ».

What can government and social partners do?
“Inflation is the most unfair tax, it affects both the entrepreneur and the unemployed. Businesses, government and trade unions must all be very careful and work seriously, avoiding conflicts and social tensions ”.

There is also the ecological transition to be carried out.
«It is necessary and we share it, but we are doing it in an ideological way. Europe cannot ask to eliminate the petrol and diesel car in 2035, this risks displacing entire industrial chains ”.

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Is there a case of Italy on the markets?
“We have a huge public debt that needs to be reduced, however what has happened in recent days also depended on a communication error by the ECB. I understand the rise in rates, but we need to provide an instrument to prevent spreads from widening ».

Have we spent too much to face the emergency?
“During the pandemic it was necessary to help people, then there was an excess of subsidies, of electoral tips that did not do well. Now we need a structural intervention on the tax wedge ».

The Italian labor market experiences the paradox of the lack of manpower in some sectors. For Confindustria it is the fault of citizenship income, while the unions see a wage problem.
“Citizenship income has some impact, but businesses have to pay more. It is a problem that does not concern us, given that the industry applies national contracts, there are other worlds with very low wages ».

Up to now Draghi has represented a balance point in a dramatic moment, which will happen in 2023 when there will be the elections?
“I am worried about the aftermath of Draghi. It is true that this government has a composite majority, and in recent months it has lost the ability to make reforms because there is already an electoral climate, but the pandemic and the National Recovery and Resilience Plan have been managed well “.

What is Italy risking without him?
“Draghi has an international authority which is fundamental because the stability pact and the New green deal will be decided in Europe. It is necessary to have a head of government who knows how to be at the tables where decisions are made. I am worried because in 2023 the situation could still be complex. With this electoral law, the two coalitions will probably remain the same, and the real risk is that whoever wins will not be able to govern ».

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So are you cheering for the Draghi encore?
«Absolutely, even tris and quadris …».

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