As Italy’s chronically sluggish economy stagnates amid “an uncertain international scenario,” Europe remains crucial for the country’s future, head of state Sergio Mattarella said in an address on Thursday.
“We are currently facing a slowdown, reflecting an uncertain international scenario that entails risks our economy,” Mattarella told a ceremony in Rome for new Knights of Labour.
The Italian economy ground to a halt in third quarter of the year according to official data and has been slowing steadily since the start of 2017.
“We need to look to Europe, which remains vital to our future and to global markets, which are prone to volatility,” Mattarella stated.
Italy would be “making a mistake” to run the economy “from a purely domestic perspective,” Mattarella said, noting that “interdependence is growing” in today’s word.
“We need a Europe that makes balanced development its priority, with crucial public and private investment in research, innovation, training and physical and digital infrastructure,” he said.
Investment policies generate the highest returns in terms of growth and employment, Mattarella underlined, stating that work was the “absolute priority” and the basis for national unity.
Given the uncertain international financial and political climate, authorities must pay close attention to “possible dynamics” that could pose risks to the Italian economy, Mattarella said.
“Companies need to be bolstered by policies that also protect Italians’ savings, reduce poverty and insecurity and modernise infrastructure to prevent our country from lagging behind,” Mattarella argued.
“We can grow, we must inspire confidence,” Mattarella said.