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McGuinness: flexible and resistant Italian SMEs

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McGuinness: flexible and resistant Italian SMEs

“The present and the future are uncertain, but the European Union has shown itself to be very united, as in the pandemic, and Italy, with its agile and responsive small and medium-sized enterprises, has proved to be an example of significant resilience” . Thus Mairead McGuinness, EU Commissioner for Financial Services, Capital Stability and Market Union, praised our country during the Made in Italy Pre Summit organized online by Sole 24 Ore, the Financial Times and Sky Tg24. And the subject of praise was also the banking system, considered stable and reliable. “One can be optimistic about the stability of the European financial system, despite the war in Ukraine and the serious repercussions on energy, as well as despite the alarms on inflation – said the European Commission’s Finance owner -. In Italy as in other European countries, banks have been very creative, they have supported governments and continue to do so. I have seen resilient and flexible banks and SMEs in Italy, a country I recently visited. Every manufacturing company I spoke to, however, complained of being full of work, but not having enough components or manpower, so we need to closely follow the issue of global supply chains. “

Another cloud over the future of Europe is the energy alarm. “We need to diversify energy sources. We will do everything to avoid rationing – commented the commissioner -. We are now too dependent on Russia. We should think about making investments in renewables a priority, both in the public and in the private sector, speeding up permits and breaking down red tape. The green transition can also be accelerated by the conflict. I imagine a Europe united also by the sharing of green energy sources ».

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Despite the complex geopolitical scenario, however, the Italy of Prime Minister Mario Draghi, mentioned several times during the conference, is shining for sustainability and resilience. Even the Europe Editor of the Financial Times, Ben Hall, who interviewed the EU Commissioner, remarked that “Italy is a fundamental country for the European project, with its weaknesses and strengths, and is facing the challenges of inflation, war, expenditure of the 200 billion of the Recovery Fund with the resilience that has always characterized it ». After much praise, the sore point of our country’s high public debt, “largely in the belly of the banks that have bought sovereign debt,” Hall remarked. But Mairead McGuinness reiterated that the Italian banking system appears solid and able to support businesses.

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