Evidently, the problems and countless declarations that have occurred in recent years regarding the Superbonus 110% and the uncertainties that it still causes on public finances. Nor is the uncertain prospect of the French elections sufficient, starting next Sunday, with the hope that it will not be the first application of those political and geopolitical risks to which the governor referred on Wednesday Fabio Panetta in a speech that the news reports as an appeal to the ECB: the reference – in the title of the speech, festina lente for the communication of the ECB – is not an oxymoron, but requires leveraging speed and prudence which are well reconcilable with each other . Nor, yet, are the problems that are occurring enough for Italy in the complex process of training of appointments to the top positions of the main European institutions.
Risks on public finances
The insufficiency is due to the persistent hovering of the risks of enforcement of the state guarantee against the Covid-19 bank loans which would not be reimbursed for significant amounts. As we have written in these columns, the news which appeared in the leading Italian newspaper, in highlighting such a risk, going so far as to formulate broad hypotheses of an impact on the public accounts resulting from such excussions of up to 300 billion, specified that the Minister of ‘Economy Giancarlo Giorgetti because of this he wouldn’t know where to turn now. Abi with the president Antonio Patuelli and the deputy general director Gianfranco Torriero immediately reported the groundlessness of the danger in question. The president of Confindustria Emanuele Orsini followed the same line.
Financial stability
In these columns we previously reported how the representation of that risk contrasts with what is stated in the company’s report Bank of Italy on financial stability, where we can read that the deterioration rate of the aforementioned loans remained around 2%, ultimately showing a slight upward trend. However, according to the information provided by the Mediocredito Centrale which manages the Guarantee Fund for small and medium-sized enterprises, in March this year, enforcement increased compared to December, but remains lower than the trends observed before the pandemic.
Setting up the budget maneuver
So, where is the risk so dramatically announced? If there were some connection – but this is a pure school hypothesis – with the setting of the next budget maneuver, which may have to make people swallow some bitter pills, then it would not be understood that the disorientation that is caused in this way and the negative announcement effect are clearly superior to the advantages that can be obtained from the diffusion of concerns. Equal considerations should be drawn from a possible commissioning circulation of fake news to damage the government’s economic policy.
Need for an official denial
The documents cited and recited demonstrate the groundlessness of the news reported. But evidently they are not considered exhaustive if the rumor continues to circulate. So, also because it was mentioned in the underlying article of the confusion that is arising from it, a short statement of denial from the minister or ministry would not be out of place at all (consistently with what is stated in the aforementioned report), the denial can be fully given. However, a clarification, whatever the content, is necessary to put the final word on this not-so-exciting story. Silence lends itself to all possible interpretations and certainly not in a positive way.
Communication and denial
After all, it should be a consolidated custom to promptly deny an unfounded news, were it given by the best newspaper in the world, indeed for this very reason, knowing full well the trust that is formed in this case and can influence the choices of savers and investors. Since there has been caution up to now, it is now really time to follow up on the festina to maintain the aforementioned title.
(All rights reserved)
MF – Issue 127 pg. 18 of 06/28/2024
