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Italy and the EU’s governance reform

What the European Union needs to boost growth and stability

Italy and the EU’s governance reform

Claudia Astarita

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Mr. Pier Carlo Padoan - Italian Minister of Economy and Finances - has recently sponsored a new significant document, i.e. "European shared strategy for growth, stability and employment".

The Strategy stands out as the Italian response to the European Union (EU) accusations to Italy of being a country that always asks for "more and more flexibility", without having a coherent strategy to improve the national situation.

In details, the Italian document insists on the need for a EU governance reform, to be implemented as soon as possible, and not to be delayed by other actual matters of urgency, such as terrorism and the refugee's crisis. The Italian government calls the EU to undertake a reform process, bearing in mind all the problems - social, economic and political - the Union needs to face today.

Furthermore, common policies are required in all fields in order to equip member states with a concerted effective approach. For instance, a reformed economic governance is essential to avoid a collective violation of fiscal rules derived by the implementation of individual measures, adopted in a non coordinated way to face emergencies.

Another central point of the Strategy is the need for a "Comprehensive Policy Mix" covering a broad spectrum of economic policies, focusing on three pillars highlighted by the Commission, i.e. the boost of investments, structural reforms and the promotion of fiscal responsibility.

Great importance is also given to the re-equilibration of macro-economic differences by implementing the Procedure for Macro-economic Imbalances, which has never been fully operative to date.

Finally, the Italian document stresses the need re-launch infrastructural investments, working on the Single Market to eliminate all the obstacles related to national monopolies and institutional barriers. Connected to this last point is the need to work on the markets opening to foster a Bank Union , along with a Capital Market Union that would reduce the degree of uncertainty characterizing the European scenario at the moment.

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