The overall resilience of the global economy, despite the shocks of recent years "is higher than we expected", even if the expected "peak global growth" is "still unsatisfactory and heterogeneous between countries".
And, although inflation is "falling rapidly, more rapidly than was expected just a few months ago", any decision to loosen monetary policy "will have to be taken on the basis of clear evidence of a stable path of recovery of the dynamic of prices".
It is the clear photograph of the economic situation of the G20 traced by the governor of Bank of Italy, Fabio Panetta, who with the Minister of Economy, Giancarlo Giorgetti, participated in the two days of work in Sao Paulo, Brazil, where the ministers of finance and central bank governors.
A meeting, the economic one in Sao Paulo, which in its final stages saw heated negotiations on the final statement
.
More a frill than a necessity, since the G20 - of which Russia is a member - is not an executive forum (and unanimity is required to make the statement), but an episode which has once again highlighted how difficult to find in this forum "a clear and clear formulation on the condemnation of Moscow for Ukraine", as highlighted by Giorgetti.
In particular, it was the German Finance Minister, Christian Lindner, who insisted on the point of the war in Ukraine.
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The head of the MEF then highlighted how "Italy's data is positive and perhaps even better than others. The tightening of monetary policy - he stated - had a clear objective, to bring inflation to the target. We probably won't reach the target we are still, but at this moment perhaps an easing of rates could contribute to a situation of economic growth which is languishing around Europe. After which - he highlighted - monetary policy is autonomous and independent, this is a hope with which I believe I interpret the entire political class, not just Italians."
Then speaking about privatizations and public debt, Giorgetti recalls that the Mef has "a plan".
"It is not that privatization produces growth in itself, where it is not necessary to hold shares or a certain amount of shares, the State can also play its role even without having that type of shareholding - he commented -. We prefer to use the term 'rationalisation' which in some cases means privatisation, but in others not. If you see what will happen with the Netco network, someone might object that it is not a privatisation, but on the contrary perhaps an inverse operation
. I believe that in 2024 the reasoning that a government must do is not what it had to do in the 1960s or 1980s and therefore the direct presence of the public hand must be considered with respect to the needs. And this is what we are doing with great prudence and equal determination".
The Minister of Economy Giorgetti in an archive photo
"What we have in mind to do, we will also do it in the price conditions that will yield more for the public interest. The privatization of Ita is sensationally failed - he adds - but not by will of the Italian government. For this you have to ask others , not me."
In his reasoning on Italy, Giorgetti always calls for realism.
"Italy does not live outside the world - he states - but in a context in which there are other economies that are struggling, such as the German one, and inevitably the repercussions are there for us too. We have carried out interventions that have returned a minimum of purchasing power, the fall in inflation should help demand in some way, but the discussions we have also had here at the G20 pose a competitiveness problem for Europe, which we started discussing with 'the lesson of Mario Draghi' the week at Ecofin that questions the future of the European economy".
"Italy - concludes Giorgetti - must see how to promote growth and keep public accounts destroyed by criminal policies such as the super bonus, which will weigh on public finances and our debts for a few more years".
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