Rimini Meeting

Giorgetti: 'The entrepreneur is the determining factor of development' - Video

The Minister of the Economy: 'The bank cannot be an algorithm. The bank is faced with a person who is the entrepreneur" and "the person of the entrepreneur is the determining factor of development".

by Redaction Rome

23 August 2024

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Giorgetti: Il Pnrr ricorda i piani quinquennali dell’Unione Sovietica

3' min read

Key points

Minister: 'The entrepreneur is the determining factor for development'
"Banks go beyond algorithm to capture firm size"
"Urgent to increase PA productivity, training needed"
"Italy rich in intelligence, on this resource build development"
Manoeuvre, Bernini: we will refinance tax wedge, excellent news

3' min read

In the new EU Stability Pact "long thinking and the concept of investment are not adequately valued" and "this forces nation states to make assessments that are, inevitably, short and short-lived". Thus the Minister of Economy and Finance, Giancarlo Giorgetti , speaking from the stage of the Rimini Meeting.

Giorgetti spoke at a round table entitled 'The first capital of enterprise is the person'. The meeting was attended, among others, by Elena Bonetti, MP for Azione; Andrea Gnassi, MP for Pd; Maurizio Lupi, president of the Parliamentary Intergroup for Subsidiarity; Marco Osnato, president of the VI Finance Commission of the Chamber of Deputies, FdI. The meeting was introduced by Giorgio Vittadini , president Fondazione per la Sussidiarietà.

"Pnrr projects evoke Soviet planning"

'I could fill you with titles of plans and projects reminiscent of the Soviet Union's five-year plans, excuse the joke'. Thus the Minister of the Economy, amid irony and sarcasm on the part of the NRP concerning training. Giorgetti added that 'we have made an enormous effort' to extend Industry 5.0 'with respect to the diktats of Brussels'.

'The human factor, human capital, is the main determinant of growth and productivity,' Giorgetti explained in his speech. Politicians have a major role to play in defining policies to enhance this asset. But European rules do not always help. "Even to the extent that politics would like to think long and hard,' was the reasoning of the head of the MEF, 'there are rules, perhaps decided at European level, such as the latest rules of the renewed Stability and Growth Pact, in which the concept of investment - i.e. thinking long and hard - is not adequately assessed and thus forces the national states, in their policy and budget decisions, to make inevitably short- and short-term assessments'.

The Minister: 'The entrepreneur is the determining factor for development'

The health of the Italian economy, its ability to grow and become more competitive, also depends on the training of the workforce and human capital. But, emphasised Giorgetti, it must be remembered that 'the first capitalist of the enterprise is the entrepreneur. The entrepreneur is the determining factor of development. It is still the spark of the entrepreneur that fuels the economy and must be understood by all'.

"Banks go beyond algorithm to capture firm size"

Hence, the next step in the reasoning: 'The bank,' said the head of the Mef, 'cannot just be an algorithm. It has an entrepreneur in front of it, and if the bank fails to grasp the dimension that goes beyond the cold numbers in the credit line, it struggles to nurture this trail of initiative that precisely becomes the enterprise'.

"Urgent to increase PA productivity, training needed"

Giorgetti recalled that the female labour participation rate 'has had an incredible performance in the last two years, of which we are tremendously proud. We tremendously need,' he added, 'continuous training, lifelong learning, increasing productivity of the pa as an element of equity in the system.

"Italy rich in intelligence, on this resource build development"

In Italy, the minister concluded, we are witnessing a "brain drain and the export of many skills because" young people "have no career prospects or because the work is not adequately paid. These are two sad truths. But there is the other side of the coin: our country is poor in many other things, it is tremendously rich in intelligence and a frontier of future development must be built on this resource'.

Manoeuvre, Bernini: we will refinance the tax wedge, excellent news

The Minister of the Economy did not address the topic manoeuvre. Instead, the Minister for Universities and Research, Anna Maria Bernini, did so in a press point at the Meeting. "I can say that we will try and do what we have already started with the previous manoeuvre, that is, to work to the best of our ability, to put all the strength we have into stabilising the excellent results, both in terms of employment, and in terms of recovering tax evasion, and reducing the tax wedge. We will re-fund the tax wedge, this is very good news for the world of work'.