Password: do not panic. L’Italy it has strong foundations and is able to withstand much more violent turbulence than those triggered by the ECB’s clumsy ballet on the next monetary policy moves. Not even the recession should scare you that much, because the country, whether interest rates or not, will demonstrate that it knows how to grow even in an adverse context. But the message launched yesterday by Carlo Messina is something more and different from a few handfuls of optimism thrown there to soothe souls. Faced with yet another attack by speculators on government bonds and a public debt which, a survey released yesterday by Bank of Italy, in April it reached a new record of 2,758 billion, the number one of Intesa Sanpaolo, usually careful not to overstep and to measure words, decided to speak out of the teeth, to aim straight at the goal and to clearly trace the direction to free the country once and for all from the slavery of the ECB and the markets. “We in Italy do not have a problem of sustainability of the public debt”, said the manager, speaking at the Young Factor conference organized in Milan by the Permanent Observatory Giova ni -Editori, “this must be a clear message”. Then, the lunge: «The issue, however, is whether we want to be free and independent. That we are only talking about energy and food independence and not also about financial independence seems idiotic to me “.
SOVEREIGNTY Someone, obsessed with sovereignty, might turn up their noses. But the reasoning is flawless: if every day we invoke the need to gain our autonomy over energy sources, raw materials and food supplies in order not to end up under blackmail, why should we not do it on the finance front too? public and private? Let us immediately clear away the possible analogies with the old proclamations against the EU, against the euro, against the monetary institutions that keep us on a leash. In Messina’s words there is nothing subversive, but only pragmatism and, which does not hurt, a bit of national pride. “Italy is strong, it has the strength and structural conditions to do things independently”, he explained, “and it must do things independently without being attached to the Frankfurt union, especially considering that it is a country that has ten trillion in savings. Plans are needed to accelerate growth, but reduce dependence on the ECB. Let’s start with what we have in our country, always with a view to having sustainability and independence “. And in Europe we must stay there, but we must stay there as a leader, because otherwise “we will become completely marginal and Europe itself will become so too”, and therefore “only China and the USA will remain”.
To avoid this we must also stop, as many in the government do, including Mario Draghi himself, to invoke the help of Brussels with hat in hand. Because “having too many expectations on the fact that other countries, which perhaps as structural conditions are even less rich than us, and to imagine that these can support and our public debt is something that is not worthy of a country that wants to be a leader in Europe”.
FREEDOM As for how to regain our freedom, the plan is clear. The spread, with the “fundamentals of Italy” which “are solid, indeed very solid in terms of household savings and equally on the corporate side”, should be at 100-150 basis points. If he travels abundantly above 200 and threatens not to stop, it is because we are hanging on to the moves, not always the right ones, of the ECB, which after two years of BTP purchases has a huge chunk of our public debt in its belly. And here is the solution, rather than relying on the anti-spread shields of Lagarde, which we risk paying dearly, we use a part of our 10 trillion of private wealth to buy back our debt. And with it our freedom. It is an appeal to Italy and to Italians, that of Messina, but also to banks, insurance companies and the government, which should help, facilitate and accompany this path of liberation from financial speculation. Maybe by doing the opposite of what someone wanted to put a nice increase in taxation on government bonds into the fiscal delegation. Messina is not the first to launch the idea of bringing the debt back to Italy. But perhaps if instead of some biased politician or economist to propose it is the head of the first Italian bank, there is the possibility that someone will take the hypothesis a little more seriously than has been done in the past.
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