Grilli: Italy’s change is irreversible, it returns to growth

The Finance Minister in Brussels: once the crisis is overcome we must complete Europe’s integration

In Italy “we need continuous and progressive actions. Our work will carry on”

“Today Italy is a different country which is significantly changing, in my opinion, irreversibly.” Obviously, “the road is not finished,” but “all responsible institutions will know how to continue our incisive work.” Vittorio Grilli speaks to the European Parliament, very likely for the last time as Finance Minister, but he leaves from the strength of his work and that of his government. “This government – he reminds and claims to the members of the Economics Commission – has dealt with the structural problems from all aspects, and there are not issues that were not addressed.” But “the amount of reforms left to complete is significant,” so significant to require “continuous and progressive actions.” A message to those who, after the elections, must take responsibility and bring Italy definitively out of the crisis and build a solid and credible country for the future. Thus continuing with political reforms agreed on at a community level. “Austerity is not the goal, but the means to return to growth,” says the Minister of XX September Road. “Certainly fiscal stabilization is a bitter pill, but I maintain that my country had little choice.” The spread was too high, financial markets were too turbulent, observers, operators and analysts were too skeptical. Now instead “an economic comeback should occur after the first trimester of 2013.” Even if “growth will remain slow, around 1%,” which Grilli does not hesitate to describe “an unsatisfactory performance for our economy,” nonetheless “a corrective maneuver will not be necessary.” Our country “was penalized by the lack of trust from our markets, and our priority was to make Italy a credible debtor.” That is because “attempting to attain credible growth without stable markets is like building a house on the sand.”

The worst is behind us now. In Italy, as in Europe, the Finance Minister clarifies, “we have not overcome the crisis but the circumstantial improvement of the situation allows us to face 2013 more positively.” Then, once we have overcome this difficult phase, we must proceed to complete the integration of Europe. “I hope the EU and the Euro zone can become the same thing.” For this to be possible, “we must all believe” in this project. “The institutional and economic break-up must be avoided.” Still today, Grilli warns, the true European challenge is “to respect the needs of everyone, even those who don’t have the single currency today.” But in the future, “once we get through the crisis, which I hope happens as soon as possible, we must be capable of amplifying the concept of governance.”