The taboos to overcome for a real turning point

First of all, now that this budget is law, we have to give credit to the fact that the 20-year pension reform path has been permanently completed. This is a result that no one can undervalue.
After years of mortifying discussions on increasing by one, two or three months the retirement age, early retirements have been in fact been abolished and the principle was ratified that anyone, without distinction of generation or gender, will receive pension payments on the basis on how much they contributed. A little great revolution: credit to be given to Minister Fornero. In Europe no one did so much. Hurray!
The rest was an emergency budget and as such it has to be interpreted. They spoke of rigor, growth and social equity; most importantly rigor. The correction, of some 20 billion, is founded finally on structural measures, after months on budget bills written on water. In terms of social equity some efforts were made: between generations with the measures on pensions, and among incomes with the progressive withdrawal on property and the extra tax on luxury goods. What is missing, we know, is growth but also here they tried to give some signals with the reduction of taxes and contributions on labor.

A serious job was done, and it was necessary. It was certainly useful in averting in the immediate future a Greek style disaster. Parliament supported it with all the intolerance possible, but also with a good deal of responsibility (not all of Parliament, but this was good enough). Now though, we have to immediately look forward. That "necessary" is anything but enough. And it will soon be useless if it does not go hand in hand with new and just as extraordinary measures.
The fact that new growth measures are needed has become the same old story that also Bonanni's uncle (excuse the joke) repeats at home and at the pub among friends. However, it is also true.
In the entire last year of the Berlusconi-Tremonti government, this newspaper highlighted it and it certainly will not stop doing so today. Minister Passera, for now, has kept on the sidelines. It is time for him to take a spot at centre stage because this government relies on him, more than any other minister, for a creative, effective and brave action in terms of development.

It is obvious, however, that there can be no growth without resources. Here then, beyond the many abstract appeals to a not better identified second phase, we have to seriously and quickly identify the possible cuts to non-productive public spending that have to be carried out. The just approved budget is made up mostly of fresh revenues and not of cuts. In a short time probably no more could have been done. But now it is no longer time to delay. Spain announced a spending cut plan for over 16.5 billion and markets punctually rewarded it. Italy can and has to do more.

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