Happy new year!


Hello and happy new year from Giulio Centemero on
2021 is going to be a very challenging year, Italy would need institutional stability in this phase in particular but it seems this government is becoming more unstable than usual. Last Sunday I was in Rome and the Chamber of Deputies was voting the Budget Law, during the week the Senate approved it not without making some corrections and few days ago the usual postponements decree (so called milleproroghe) was assigned by the government to the Chamber of Deputies, committees Budget and Constitutional Affairs.
As a matter of fact, as a result of the financial bill, we are bearing a lot of debt. More debt will bear with the recovery fund. In my opinion there’s good and bad debt: it depends on the cost of interests, on the measures the resources are invested in, and on the speed of execution of such measures.
Without talking of the two first points it is clear that for the latter we are not in a good position; this morning for example the newspaper Sole24Ore was reporting that in order to implement all the measures contained in the financial bill 176 executive decrees are needed. Definitely it won’t be a fast implementation which, for urgent measures, doesn’t really make sense, does it?

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