YTD Matteo Renzi him officially entrusted the keys of economic control room of Palazzo Chigi. And Thomas Nannicini (42 years) from that moment follows several dossiers, in touch with the ministers Padoan, Poletti and Giannini. To work alongside Nannicini premier, professor of political economy at Bocconi, has frozen for two years the massive funding European research council (1.5 million euro) dedicated to research about “political mentality.” Perhaps because at Palazzo Chigi, on the subject, there is much to learn.
Secretary Nannicini with Renzi you are given the mission of growth. But the figures and estimates are still not satisfactory. Why?
“I would start from the news, from the paradigm shift with respect to the Second Republic: first the goal was the consolidation of the public accounts and the bond was growth, ie it was the fiscal adjustment without affecting too negatively on growth. With the Renzi government instead the goal is growth and the constraint is the consolidation of public accounts, it is clear that with the public debt we have is a bond of fiscal adjustment to keep in mind: no one wants to return all’Italietta which creates, or is under the illusion of creating, growth with deficit spending. The adjustment, however, is slower. And it is slower because, finally, there is a government that is making the reforms postponed for two decades serving the country to return to growth. In any case, because of the crisis and the delay, these structural reforms can not create growth out of nowhere and suddenly. We apply a mix: to associate actions and economic reforms instruments that damage oxygen citizens, workers and businesses.
For example extending the minimum pensions from 80 euro bonus already this year ?
“From now until the end of the term, by 2018, the government will intervene to support the lowest pensions. It ‘s still early though to indicate the technical formulation. “
E’ confirmed the IRES cutting the income tax of businesses, in 2017? Or it will snipping been shifted to a year before the income tax?
“The IRES cut is already written in the law of stability, therefore, it will drop from 27.5% to 24 as of January 1 of next year. In the time schedule of the President Renzi Irpef reduction it is planned in 2018. Then, of course, if there will be scope to anticipate the intervention we will be the first ones to be happy. “
Is there then the chapter of flexibility in output for pensions. What assumptions are you working on?
“It is not easy to balance the public accounts with interventions that increase the flexibility in output. We are thinking about how to do it. The problem is that an intervention of this type has the cash costs of about 5-7 billion; in fact the State must anticipate retirement to who goes first, then recover a portion of this money with a penalty, but for the public finances c ‘ is a cash cost for the first 10-15 years, very high. “
But you are exploring roads less” expensive. ” Or not?
“The only way to fall below these figures is to find a technical solution that does not change anything for the retiree asking for advance INPS. But by virtue of which a part of the advance is intermediated by the financial system.
can go into detail?
“Let me give an example: there are three categories. The first is that people who have a preference to retire earlier, for example grandmother public employee who wants to look after their grandchildren. The second is to those who need to retire early, because he lost his job and has not the output requirements. The third category are the workers that the company wants to retire earlier to restructure the company’s staff. Well, you could try to create a market of pension advances, that today there is, involving government, INPS, banks, insurance. In this scheme, the first category can retire but with a slightly stronger penalty. The second category him pay the penalty for the most part the State. For the third are the companies to cover the costs of the advance. In summary it would not be the state to pay the deposit, but merely to cover part of the costs with insurance to guarantee risk death. At the moment it is only a hypothesis in the study, but it could be the one that makes square the circle between the strong demand for flexibility and sustainability of public finances “.
E ‘agree with the President of INPS Boeri who claims that without flexibility in output freezes youth employment, creating a lost generation?
“The two issues, frankly, are not fully connected. The problem of youth is coming too late in the world of work and have segmented and occasional experiences, so as to prevent an adequate retirement savings. But do not think that the answer to youth unemployment are early retirement, but in what we have begun to do with the Jobs Act changing the labor market and by focusing on the permanent contract. “
But the Jobs Act, without the strong decontribution of 2015, is losing shots. In February, the balance of permanent contracts showed a -33%.
“This was expected and physiological. The targets were two of the Jobs Act. The first: make the creation of jobs in the economic recovery, making sure that as soon as the economy ripartisse the undertakings had not afraid to take on. The second objective was to create quality jobs, stable. Both of the objectives have already been achieved. “
Staying on the pension front is entirely excluded an intervention and survivors’ pensions?
“Yes, it is excluded. There is an enabling law on the fight against poverty in which the government has invested 1 billion of additional resources. No one has ever thought of giving less, we aim to give more. “
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