#SoseXpress - Press review May 23rd/29th

 A European turning point to face an unprecedented crisis

Paolo Gentiloni, European Economic Affairs Commissioner, said speaking about the “Recovery Fund”.

The debate of Ideas

Capital and Ideology: Thomas Piketty’s words.

Thomas Piketty takes part to public debate for the launch of his new book in Italy and warns: “it is the moment to invest in education, retirement and public health. It is urgent, he says, to invest in public services and face dangerous social inequalities”. 

 

Studies, research and numbers

Relaunch Decree: the opinion of the Parliamentary Budget Office.

The measures adopted will cause greater expenditure amounting to 49,8 billion this year and 5,6 billion in 2021 and 6,4 billion in 2022 and a revenue decrease of 5,6 billion in 2020, 20,5 in 2021 and 28,3 in 2022. This was explained by the Director of the Parliamentary Budget Office during a hearing on Relaunch Decree before the joint Committees of the Chamber of Deputies and Senate.  

 

Moratoriums and tools to support liquidity: The analyses of Banca d’Italia.

Three in-depth articles were published on the website of the Banca d’Italia to provide information on moratoriums on the debts of SMEs, home mortgages and moratoriums requested through intermediaries or trade associations.

 

The trend of “Reddito di Emergenza” and requests for Covid Bonus: INPS update.

Over 100.000 applications for Reddito di Emergenza and over 44.000 for Covid bonus were submitted. The percentage of the applications transmitted through Patronati (Italian pension offices) is constantly increasing.

 

The report of the ECB on financial stability is online.

COVID impact has worsened the existing weaknesses even if the political responses have prevented the system from collapsing. This is written in the report of the European Central Bank.

 

Liquidity task force update.

Moratorium requests have increased to 2,4 million amounting to 250 billion euro. The requests for guarantees on new bank loans to micro, small and medium enterprises submitted to the Central Guarantee Fund are about 400.000. 

2020 report on Public Finance Coordination about the evaluations of the Court of Auditors published.

Fiscal Reform, financing system of local administrations, certain and sustainable retirement mechanisms are some urgent measures highlighted by the Court of Auditors in the 2020 report on Public finance Coordination. 

 

COVID-19 and non-performing loans: the note of the European Central Bank.

During crises, the number of loans that cannot be paid back increases. What are the lessons from past crises for non-performing loan resolution after COVID-19? Here the in-depth article of the European Central Bank 

 

EBA: the report on European bank sector.

The European Bank Authority - EBA published the report on bank sector recovery. During the pandemic the bank system has registered an average liquidity ratio of 150% compared to the minimum100% required by the supervisory authority. Such a ratio has never been registered since the subprime crisis.

 

ISTAT registered a considerable loss of consumer and business confidence.

Estimates calculated on data collected in May 2020 showed the consumer confidence climate deteriorated to 94.3. As for the business confidence climate, the index collapsed to 51.1. These are some data provided by ISTAT.

 

Covid-19 impact on employment: ISTA hearing is online.

Employed women work in many sectors at medium and high-risk in relation to the exposure to the virus. This information was provided by the Director of the ISTAT Department for statistical production during a hearing before the Labour Committee of the Senate. 

 

Quaterly economic account indicators: ISTAT update.

In the first quarter of 2020 GDP decreased by 5,3% compared to the preceding quarter and by 5,4 compared to the first quarter of 2019. These are some data contained in the note about quarterly economic account indicators published by ISTAT.

 

Completion and release of territorial economic data.

To complete and update the data released in January. ISTAT has provided the historical series of regional and provincial aggregates.  

 

The report on Industrial Sectors: Prometeia highlights.

Italian manufacturing sector has been hardly damaged by two factors, offer and demand, during the pandemic and for 2020 a turnover decrease by 15% at constant prices is expected. This is a key issue of the Report on that sector elaborated by Prometeia.

 

Cerved, Covid-19 shock on business sectors.

Hotels, restaurants and building enterprises: one enterprise out of 5 is exposed to default risk. This information is contained in the scenario elaborated by Cerved concerning the Covid-19 impact on business sectors.

 

A look at the world: OECD analyses the GDP decrease.

An analysis of GDP decrease in the first quarter of 2020 in the OECD countries is online. The average decrease was 1,8%. 

 

 

The voice of stakeholders

 

A huge provision: Confindustria’s hearing on the Relaunch Decree.

Implementation times, policies for growth, the use of fiscal lever are some issues addressed by Confindustria in a hearing before the Budget Committee of the Chamber of Deputies on the Relaunch Decree. 

 

Italian families and Covid-19 bill: Confcommercio-Censis Data.

Due to the healthcare crisis and the following lockdown work activities and income of 42,3% of families have been reduced and 23,4% have receive payments from CIG (wage guarantee fund). This is revealed by the Confcommercio-Censis annual report on confidence and consumptions.

In summer fruit production reduced by one third.

The analyses elaborated by Coldiretti based on the fruit production forecasts of Europech for 2020 is online. The situation in the countryside is dramatic with critical effects on the consumer prices which already today register an increase by 8,4% for fruit and by 5% for vegetables.  

 

More sustainability and digitalization in the post-Covid period: the analysis by Confartigianato.

In the recovery phase the changed consumers’ behaviours will intersect environment and social sustainability, digitalization of production processes, a phenomenon accelerated by the response of enterprises to Covid-19 emergency. This is reported by Confartigianato in a study concerning digitalization.

 

Innovation

 

The updates about “Immuni”.

The source code of IOS and Android versions of the Coronavirus.tracking app is available and accessible here with technical documentation

 

Transition 4.0 plan launched

7 billion for business research and development, technological and green innovation, design activities and aesthetic innovation. The Transition 4.0 plan aims to promote digital transition of the Italian production system. 

 

Cybersecurity after pandemic according to the World Economic Forum. 

Not only economic and social risks but also cyber risks. This is the focus of the report published on the website of the World Economic Forum on cybersecurity and on the lessons learned during the Covid-19 crisis. 

 

The dark side of smart working.

According to a research commissioned by LinkedIn 46% of 2000 interviewed mobile employees felt stressed and anxious while 48% of them say to work at least one hour more per day, namely 20 hours more in a month. One of the problems is to make video conferences more efficient. Here an in-depth analysis of burnout caused by agile work.

 

Data science and Covid-19.

Data quality, data cleaning and information are the issues addressed by Carlo Lauro, Chairman of APEF - Associazione dei Professori Emeriti della Federico II in an interview on the relationship between Data Science and Covid-19. The creation of an observatory on data communication and statistical information as Guarantor of Quantitative Communication is one of the proposals.

 

Local Authorities

 

The main urgencies of Municipalities highlighted by Anci.

The scenarios elaborated show a more prudent valuation of the revenue decrease (low risk) amounting to 3,7 billion euro; a pessimistic valuation (high risk) considering a decrease of over 8 billion euro; an intermediate valuation considering a decrease of 5,6 billion euro. 

 

Financial guarantees: advices for the PAs.

AGCM, ANAC, Banca d’Italia and IVASS published a joint document including advices for public administrations to reduce the risk of accepting non valid financial guarantees.