#SoseXpress - Press Review July 18th/24th

Today Europe is responding to a call of history with an ambitious and significant agreement. With 209 billion euros, Italy has the unique opportunity to relaunch a more sustainable, digital, and inclusive economy. We are bringing Italy into the future.

Roberto Gualtieri, Minister for Economy and Finance, about the results of the European Council.

The Debate of ideas

 

Is everything alright with the Recovery Fund, then?

Yes, it is quite well, according to the numerous public declarations, after a night of negotiations to approve the agreement. Here and here for Ursula Von Der Lyen and Charles Michel's joint press release, here for Giuseppe Conte's official declarations and here for the information note for the Chamber of Deputies and the Senate, here for a summary of the fundamental issues of the agreement.

 

Manifesto for Trust.

Sent to the President of the Republic and signed by prominent personalities, the "Manifesto for Trust in Italy" aims to orient the Country's managers towards a recovery able to face the current challenges, starting from a renewed confidence in institutions, innovation, and citizens. Here the text in "Il Foglio" and some attached contributions.

 

The “form” of the Italian recovery.

According to the Bank of Italy, the Italian economy will not be V-shaped, stated Daniele Franco as IVASS chairman during a thematic conference organized by Itinerari Previdenziali. 

 

The COVID-19 and gender gap: the analysis of the International Monetary Fund.

COVID-19 has also affected gender-gap, which, according to the International Monetary Fund, persists despite 30 years of progress. The pandemic has worsened women’s economic status for several reasons. For example, women are more likely than men to work in tourism and hospitality sectors that require face-to-face interactions. 

Studies, researches and numbers

 

The estimation of financial education’s value.

The COVID crisis has forced four families out of 10 to reconsider their goals. People with basic financial knowledge, such as the concepts of simple or compound interest rates, necessary to manage the family’s finances, show greater ability to face economic emergencies. This is one of the considerations we can find in the survey “Emergenza COVID: gli italiani tra fragilità e resilienza economica,” (COVID emergency: the Italians between fragility and economic resilience) conducted by EDUFIN Committee and DOXA.

 

COVID effect on SMEs: the impact on economic sectors and the race for liquidity (certified by CRIF).

According to the CRIF survey, the crisis will affect tourism, retail, building, and mechanics enterprises. The credit channel will provide 45 billion euros. Here the article reconstructing the data published on the website of the source. Here the survey providing the numbers of the credit evaluation and reevaluation requests by SMEs in the second quarter of 2020.

 

The updated data by Osservatorio Cassa Integrazione.

INPS released the updated data concerning the “Cassa Integrazione” (Wage Guarantee Fund), which registered 1.072 million hours of CIG Ordinaria (Ordinary Wages guarantee fund), 389,9 million hours of CIG in Deroga (Derogatory Wages Guarantee Fund) and over 628 million of solidarity funds.

The voice of stakeholders

 

Confindustria-Cerved: the Regional SMEs 2020 Report is online.

The new Regional SMEs 2020 Report realized by Confindustria and Cerved, provides a snapshot of Italian enterprises. With more than 93 thousand firms, the North is the area with the highest concentration of SMEs, that are numerous in the Centre of Italy (32 thousand), and in Mezzogiorno (31 thousand). This aggregate produces a 224 billion euro value-added: 39% is produced by SMEs located in the North-West, 28 % in the North-East, 18% in the Centre, and the remaining 15% in the Mezzogiorno. The Report confirms how the slow recovery of Italian enterprises had exhausted its drive before the epidemic. Here to learn more.

 

Enterprises’ activity is improving: the trends in the 7° Covid-19 report of Confartigianato.

The analysis of the last published data concerning production, turnover, and foreign trade show an initial recovery of the Italian enterprises’ system. In May 2020, production and exports registered a sharp improvement in comparison with April. 

 

Stable employment for three firms out of 4 in the first six months of 2020.

Three enterprises out of four have maintained a stable number of employees in the first months of 2020. About 290 thousand, instead, equal to 21,3% of the Italian enterprises had to reduce employment levels, and 36 thousand (2,6%) have increased them. Here the data provided in the survey “Excelsior” realized by Unioncamere in collaboration with ANPAL and available here.

 

Assoturismo-Confesercenti: the crisis of art cities continues.

Life signals from the sea and the mountain, but the tourists have halved in the cities of art. Weekends in chiaroscuro for Italian tourism: in beach and mountain resorts, tourists are increasing, but cultural destinations are still in crisis with reservations only for 51% of available accommodations. These are the conclusions of a survey by Centro Studi Turistici for Assoturismo Confesercenti. 

 

Public places: turnovers are still decreasing according to Confcommercio.

Two months after the reopening of public places in Italy, the situation remains severe due to a slow recovery. Even though turnovers are slightly increasing, losses of 40% affect enterprises’ prospects and economic sustainability. Fipe (Italian acronym for Italian Federation of Public places) and Confcommercio Research Department analyses this issue in a report available here.  

 

Confindustria Moda: the shareholders’ meeting is an occasion to reveal the numbers.

According to a research by Confindustria Moda Research Department, communicated within the shareholders’ meeting, in the quarter January-March 2020, the decrease in orders exceeded 40% affecting exports that in the same period decreased by 9%. 

Innovation

 

Smart working: Robin Hood effect but upside down.

In Italy, smart working favors high incomes and men. A thematic survey by INAPP accessible here analyzes all collateral effects of agile working.

 

The potential of smart working? It varies according to Countries and Regions.

According to the analyses produced by OECD, the potential of smart working depends on several variables and changes according to Countries, and Regions of the same Country. In Italy, it is very spread in Lazio, less in Basilicata and Calabria.

 

Digital inequalities: the report by the observatory #conibambini.

12,3% of children have no computer or tablet, a share that reaches 20% in Mezzogiorno. Calabria, the less connected region in Italy, is about 14 points far from Trentino Alto Adige, which is the most connected. More than 1 million minors live in municipalities where the fast-fixed network reaches no family. These data are revealed in a thematic report of the Observatory established by the Foundation “Con I Bambini” and “Openpolis”.

 

Broadband in Italy: the reasons for the delay.

The thematic analysis proposed by Lavoce.info highlights how the months of lockdown have laid bare all the delays and gaps of Italian digital infrastructures. Today it is necessary an acceleration not only by Public Administration’ s service suppliers but also by citizens. 

 

PLUS! The new normal starts from digital transition.

A renewed digital action to support the Country is the focus of the new quarterly issue of PLUS!Mag of the Ministry of Economic Development. The magazine outlines the government's measures to face COVID and a framework of the projects and the undergoing actions for digital transition. 

Standard expenditure needs

 

Fiscal Federalism: implementation status, analysis of the services provided by Regions with Ordinary Statute, updates and monitoring during the lockdown.

On July 22nd, Prof. Vincenzo Atella, CEO of SOSE, and Marco Stradiotto, Manager of the Unit “Public Finance Analysis,” held a hearing before the Parliamentary Committee for Fiscal Federalism Implementation to investigate the issues concerning the implementation status of fiscal Federalism. The conference allowed analyzing the services provided by Regions with Ordinary Statute and the related costs. After the updates approved in 2019, Prof Atella and Mr. Stradiotto communicated that methodologies and the data concerning Standard Expenditure needs of Municipalities would be updated for 2021.

Finally, they brought to the attention of the Commissioners a study begun during the lockdown that analyses and monitors the Covid-19 effects. 

The World of Mef

 

Fight against international tax evasion: the Revenue Agency and Guardia di Finanza (Italian finance police) strengthen their synergy.

The Revenue Agency and Guardia di Finanza signed a joint provision aimed to improve their synergy to monitor illegal transfers and fight international tax evasion. 

 

During the "question time," Mr. Gualtieri provided the numbers related to the effects of the economic measures. 

During the question time, available here, Roberto Gualtieri, Minister of Economic and Finance, explained that the Government's measures have saved 1,5 million jobs.

 

Update of the Liquidity implementation taskforce.

The applications for moratoriums on loans have remained numerous, over 2,7 million, for 292 billion euros. The applications for guarantees on new bank loans submitted by MSMEs to the Central Guarantee Fund for SMEs were more than 874.000. The “Garanzia Italia” of SACE granted guarantees for 9,6 billion euros, 2,3 billion of them were guaranteed through a simplified procedure.  

 

The numbers of BTP Futura.

The number of contracts concluded was 174 thousand, around 64 percent of them had a size of less than 20,000 Euros while considering contracts up to 50,000 Euros, they were about 89 percent of the total.