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October 28, 2021 "Europe risked its skin at the beginning of 2020. From that risk arose the awareness that the worst health emergency since the Spanish flu and the deepest post-war recession could only be overcome together. , ambition and solidarity ".



This was stated by the European commissioner for the economy Paolo Gentiloni, in Bologna during an event organized by the Foundation for Collaboration among Peoples chaired by Romano Prodi.



"After the Great Depression and the Great Recession, this crisis risked going down in history as the Great Fragmentation, with potential repercussions on the stability of the entire European project".



Recovery: if Italy does not win the challenge it is a historic mistake


If Italy fails to win the challenge of putting the EU Next Generation to good use, it would be a "historic mistake". This was stated by EU Monetary Affairs Commissioner Paolo Gentiloni speaking to Sky Tg24. "The obstacles" to using Next Generation Eu funds "differ from country to country," he said.



"Italy has a particular responsibility because it has a sum of about 200 billion euros to be put on the ground in the next 4 or 5 years and knowing our country's difficulties in absorbing European funds is certainly not easy", he explained. .



Austerity has throttled growth and investment


"In the 1910s the European economic mechanism got stuck" and one of the causes was "the prevailing idea that moral hazard was behind the debt crisis, the belief that it was necessary to impose austerity and sacrifices to settle the accounts. order and restart the economy ".



"The result was to throttle growth, depress investments and unnecessarily slow the recovery path. Without, however, producing the desired results in terms of debt. Between 2010 and 2019, the debt / GDP ratio in countries such as Italy, France, Spain, Portugal and Greece has worsened rather than improved. And on the other hand, if the denominator does not grow ... ".