Three centuries in a month and moving forward: #Italy, #EU, and #COVID19 - 4. The aftermath of WWII and industrial policy in Italy

4. The aftermath of WWII and industrial policy in Italy

From #Mattei to #MES / #ESM - #Europe and #Italy)

In late 2019 shared within an article a quick recap of what happened in Italy post-WWII, sharing also references to book reviews on material to add more depth, if you are interested (e.g. because, current autarchy lunacy notwithstanding, you consider Italy not just an interesting target market, but a location where to potentially develop something- be it for business or personal purposes).

Everybody in Italy currently has a clear, "economic faith"-based position on the European ESM (MES in Italian), but, frankly, in that article I reminded what we are talking about, and the relative positions.

If I compare with what I wrote while living in Brussels, currently (except for purchases from ECB), the foreign share of Italian State debt lowered, looking at official Bank of Italy data, and the debt life extended.

Personally, I think that the ESM/MES is just one element of a larger model, and most of those attacking it are actually using a side route to attack two elements: first, the Euro (claiming that as if by magic a renewed Italian Lira would become immediately attractive to foreign and domestic markets: well, using debt as collateral to sustain the exchange rate?); second, the European Union (as if leaving the European Union were to solve all the Italian problems; well, we are barely two years away from the first century since Mr. Mussolini was invited to form a government by the king).

I criticized often the "Monnet Approach" (which is actually the same approach adopted in Italy) of pushing through reforms by using a crisis as a Trojan horse.

There will be many changes to be done, developing a serious industrial policy (preferably EU-wide, but I am a federalist, also because our countries are too small).

But we need to adopt a different approach- more partecipative.

Also because, as I will never get tired of repeating, and well before COVID-19, moving onto the next industrial revolution requires active participation of all those involved, using "class struggle" or it counterpart is not just stupid and short-sighted, it is also a prime example of the inability to mentally cope with the complexity of our times- a fully-fledged anachronism.