Giorgetti: “Protecting citizens’ industriousness, not the logic of the subsidy”

The Minister of Economy at the World Savings Day: “Maximum commitment to protect the economy of families and businesses”

“Maximum effort is needed for protect the economy of households and businesses from the serious emergencies of the present, in the belief that – in these years of uncertainty – it is necessary protect the dignity and industriousness of citizens and not the logic of debt and subsidies; and that companies should be protected from price volatility and scarcity of resources, not only by ensuring the availability of liquidity, but also that this availability is accessible under conditions that are as advantageous as possible “. This is stated by the Minister of the Economy, Giancarlo Giorgetti, speaking at the 98th World Savings Day.

“For too many years – he stresses – in every economic sector, we have only looked after consumption now and for itself. Instead, we need everyone now to talk about energy, production chains, value chains or household financial activities, from look after tomorrow and not just for yourselfbut with others “.

PUBLIC ACCOUNTS– “The new government is oriented to confirm its commitment, in the coming years, to reduce the public administration deficit and the debt / GDP ratio; but it is also deeply convinced of the urgency of protect families, especially the weakest, from rising bills and the shopping cart, to defend the competitiveness of our companies, even in the face of the huge support measures announced by other European countries (such as Germany and France) and beyond (for example Japan) “underlines Giorgetti.

SAVINGS – “In the first half of the year, the propensity to save of Italian families was confirmed as robust and, although decelerating, it still remained at higher levels than in the pre-pandemic period”, affirms the Minister of Economy.

“The enormous net wealth of households invested in deposits, securities, shares – he underlines – is therefore a fundamental guarantee of our future, no less than energy. As Einaudi wrote in 1899: capital is the result of savings. In other words, the good saving practice is itself a wealth generator. This constant growth in precautionary saving is explained by the inevitable prudence induced by the phase of international uncertainty we are going through “.

Therefore, Giorgetti points out, “here is a further warning from the events: we must reward the prudence of Italians not only by looking at consumption, safeguarding its purchasing power, but by pursuing the objective of effective savings protection, which guarantees the sustainability of its loans in the medium-long term. And to do this, a ‘long view’ is needed in order to encourage a more dynamic and conscious approach to savings management, channeling it towards productive and sustainable uses “.

“Today in this time of uncertainty, in order to make the constitution effective, we must encourage savings and also use new tools to support transition processes (such as digital and green) and, at the same time, protect them from the risks associated with inflation “says Giorgetti.

PNRR – “A first lens through which to look with optimism at the growth prospects of our economy in the difficult international context in which we find ourselves is connected to the implementation of the Recovery and Resilience Plan (Pnrr): these huge resources, in fact, will allow us to promote the ecological and digital transition, relaunching growth and improving social, territorial, generational and gender inclusion “says the Minister of Economy.

STATE AID – “We are evaluating how to improve the support measures for the economy in line with the evolution of the Temporary Framework on State aid, and, in particular, the public guarantees on loans to businesses. To this end, the Fund for Guarantee for SMEs, the new measure managed by Sace, the so-called SupporItalia, was launched and the trade credit reinsurance tool, already used effectively during the Covid emergency, was renewed “.

“In addition to the government’s commitment – he underlines – the involvement of the financial and insurance systems remains fundamental and the consequent significant role that banks and insurance companies must continue to play both in assessing the creditworthiness of companies and in sharing risk assumed by the State through the issue of guarantees “.

MPS – With regard to the Banca Monte dei Paschi di Siena affair, Giorgetti explains that “the current government will work to manage in an orderly manner the disposal of the shareholding held by the State, in compliance with the commitments made with the Commission, leaving a subject to the market strong banking and capable of operating in a diversified and articulated economy, even geographically, such as the Italian one “.