Yesterday three news on economic front. The first, announced at a joint press conference with government banks and business associations, is the prolongation of the moratorium for banking companies. The second confirmation from the Ministry of Finance that, beyond the disappointing first measures made the study in the Council of Ministers last week, he starts to measures that will form the national plan of reforms in April to be presented by 'European headquarters in Italy, to serve as bench along reliability of our assessment of the stability of public finances. The third is that Giulio Tremonti said alongside Silvio Berlusocni that in his opinion for the growth needs to be done, after two years behind us in Europe and world markets have had to recognize the ability of the government and its in controlling the deficit add to happen much more rigorously than by the more advanced countries. It 's a response to those who have written or imagined that the Minister of Economy anteponesse political considerations to development priorities. Seeing is believing. But why not admit that we know all that should be helped to grow more to help those who are already better and more? The answer is: when I say, one commits a crime than egalitarian logic, one that keeps repeating that the interventions have to think first of the South I know it's tough to say so but the facts are the facts. The southern gap calls for a revolution and civil administration long distance and uncertain results - failed in 150 years - the additional growth is achieved by focusing on short another. Two more words on Tremonti. Yesterday did not miss the opportunity to "beautify" the Italian low growth. He warned of a comparative reading of Italian growth that does not take into account that, in some cases, other countries have achieved better results but because of bubbles securities or estate of which have ended then pay the bill for them, extending even to the whole Europe. He's right, the superministro Economy? In my opinion only in part. Net of tax rates that have pushed the econoie and remain good for me and not good for the minister - nopn a difference just in terms of general idea of \u200b\u200bwhat the State should or should not do dbba for the growth, compared with market and industry - this is certainly the case in Spain or Ireland. It is also true that in 2010 and 2011 in France more than Italy but with a growing budget deficit 50% higher than ours, more than 75% of GDP compared to 5. But this is not the case of Germany, dell'euroarea leader is to record as employment growth since reunification, concurrent with two choices. Rigor in public finance, because the Constitution has set limits to both the public deficit that the tax burden, and this has allowed the reallocation of welfare with less public spending where it's needed most at the same time lowering taxes. It 's true also as Tremonti said that Germany remains the largest country with the largest dell'euroarea problem bank assets unreliable by large regional banks that the public had pushed forward in the very high financial leverage. And rightly so that in the great European pact under discussion in recent weeks, and will close by April, weigh not only the deficit and public debt but also the total debt of households and firms, and the soundness of their banking systems, as the bailouts so far have been dell'eurodebito First, once again bank bailouts in Germany and France, full of Greek government bonds, Irish and English (our largest creditors are the French government, according to estimates by the BIS in a few months ago.) but it is also true that none of these arguments touching the true background, secodno me, the Italian low growth. What presiste the crisis, and not due to the fact that we could have avoided virtuously bubbles. For one thing, we the banking system less unstable paersi between major European, but we paid a very heavy price in terms of spread to additional unit of capital equal to intermediate businesses and households. And it was not - and since it does not - spread to cover a lower threshold of counterparty risk, but the rewards inefficiency of the banking system (for example, remain the only major system that proceeds from the credit crisis dl without industruiali major restructuring and staff and employees, and what do you think the asset management industry, I wrote a few days ago about the case Eurizon-Pioneer on which the mainstream press continues to sleep, apparently in agreement by Tremonti on the fact that the first is the need to have a big buyer of national public debt bonds, the asset management industry in efficient for the investor. To me that is the exact opposite.)
Unfortunately, the problem of low growth in Italian is a constant for many years. We grew less advanced countries before the crisis, we leave the big recession of the same trouble. Made of 100 Italian GDP in 2001 and that of advanced OECD countries, the Italian had only arrived in 2007 to 103.5. The OECD to 113.5. In mid 2009, the worst point of the global crisis, our GDP had fallen to 97, the average OECD to 111. If we grow by 1% in 2011 as in 2010, at the end of this year, our GDP will be back just over 100 in 2001. That OECD will share in 116.
We now know very well, thanks to studies such as those of the Office of Studies and Mediobanca guidatro by Fulvio Coltorti and Edison Foundation Professor of Fortis, which are the best companies who support the Italian economy. If we consider the value added, the meter to go up in ranking of competitiveness of a country that depends on 70% of its growth from exports in the short manufacturing, are less than 10 thousand medium-sized enterprises of the fourth Italian capitalism, those who have and make it better. Their value added, from 100 in 2001 was 127 in 2007, fell to 112 in mid-2009 and now has risen to 117. Much better than the big Italian private groups, that share was only 100 to 106 in 2007, and which still remain at a height of 90. The same applies to exports. Midsize companies have internationalized their exports increased from 100 in 2001 to almost 160 in 2008, fell to 135 in 2009 and are now back at an altitude of 145. Large groups increased from 100 in 2001 to 132 in 2008, before falling back to 111 in 2009 and now share 120.
I know that misconceptions egalitarian and political incentives that would go to who comes off worse, rather than who's better. But it is just giving a hand to the sectors and types of businesses that create more export and additional growth, and we can put you in terms of growth in the short to add to our country, occupation and income. Remembering good high particularity, we are advanced in the country where small businesses are not only hugely popular, but already in crisis and also showed a viability in the export and internationalization unparalleled. 21% of our exports come from small, the exact double of what happens in France and four times what happens in Germany. Small need more capital and better training for managers and grow, as well as lower taxes because the system as it is contrived poses a levy on their income Gross also 30 points higher than in large groups.
Then there is the problem of the South, which produces only 7% of Italian exports. What has not been able to capitalize on public spending over 400 billion in 4 decades. And he does not trust the ongoing federal investigation. And 'the chapter on what it takes not more resources, but more discontinuity of procedures - for deciding to work sites and the sites of infrastructure - and especially the responsibility of the local ruling class. It would be nice if the national plan of reforms that Italy will present in April in Europe was born from the desire for revival and redemption of a unit that in a century and a half has failed many of its promises. If so, should focus primarily on who has shown his ability to do more. The egalitarianism of no use, indeed it is the enemy of growth.
