Good evening everybody by giulio centemero on giuliocentemero.com. The first drafts of the budget law are circulating and I’m frankly surprised that it would be composed by 248 articles. In this specific critical moment I would have expected something shorter and with bold measures in precise directions in order to grant the survival and recovery of the economy. In the contrary it seems that the ministries just opened the drawers feeding the usual legislative entropy instead of dedicating specific legislative vehicles to specific sectors in the future. Some measures, like the postponing of the deadline for tax benefits on IPOs’ costs, are useful but they’re nothing new. Moreover nothing is being done to push 4.400 bn private savings to be invested in the real economy or to help Pension Funds to invest in the Italian Stock Exchange. Our government doesn’t understand that the recovery fund will not be enough and that we need structural reforms and not just exceptional interventions. I’m happy to see that the measure I had proposed during the growth decree in order to favor corporate mergers transforming the deferred tax assets generated by tax losses into tax credits would be in the Budget law, I hope this time the government will activate it.