Italy should come out from Euro and come back at Lira in order to start an economic recovery. This is the main idea come out during the meeting “Oltre l’Euro per una nuova Italia”, organized at London School of Economics by Abc Economics (i.d. Abbiamo bisogno di crescita) and by Movimento per l’uscita dall’Euro.
The team of speakers had a rich parterre, composed by acclaimed economists and experts in the financial and legal filed, including professors Claudio Borghi Aquilini (Catholic University of Milan) and Antonio Maria Rinaldi (University Gabriele d’Annunzio in Pescara and Link Campus University of Rome), Stefano Fugazzi (professional in the City of London and co-founder of the portal ABC Economics), Luca Boscolo (Movement for the exit from the Euro), Jean Sebastien , Giuseppe Paccione (law expert Community) and Andrea Masciavé (Association Pro Europa Unita).
According this team of experts Italy have to get out from Euro because It has a currency to much stronger for her economy and the impossibility to depreciate the currency is the main reason of the high rate of unemployement in our country.
“The currency of a country should be free and not attached to a stronger currency . It must follow the law of bid and demand”, said professors Claudio Borghi Aquilini. This means that, the more a country exports the more his currency appreciates, while the more a country import the more his currency depreciates and becomes very competitive, keeping equilibrium in the markets. Instead, Borghi Aquilini explained“ hooking a weak currency to a stronger makes the weak currency less competitive, depressing the local economy”.
The real economy, due to the introduction of the Euro had to adapt to the coin and not viceversa as had always happened, this is the main reason because Europe is in crisis”, claimed professor Antonio Maria Rinaldi. He added: “As long as Italy does not get out from euro and recover its sovereignty, It cannot get out of the crisis”.
Blogger Jean Sebastien affirmed that the depreciation of the currency was useful also to protect workers, while, nowadays, the governments have forced to cut back the cost of working because they can’t depreciate the currency. Lucidi examined the Spain case to highlight the failure of Troika policies. “ Spain has followed the Troika issues, making structural reforms in the labour market, but after that the unemployement have raised while the average wage have reduced”.
Finally, engineer Luca Boscolo presented the results of a survey realized by an independent research group led by Stefano Fugazzi, which took place in November 2013 and involved 1,042 Italians domiciled in the UK with the purpose to assess their political preferences and opinion on the European monetary union.
Results showed that 54% of the UK-based Italian community is in favour of Italy leaving the Eurozone. Centre-right and Five Star Movement supporters are feeling more strongly against the Euro (70% and 84% respectively) compared to centre and centre-left sympatisers. 62% of swing and undecided voters are in favour of Italy leaving the Eurozone. 29% of the UK-based Italian community would support a Eurosceptic movement. While the debate is on fire, due to the immobility of the European institutions, the anti euro parties grows more and more in all the European countries.
[ in picture from right Andrea Masciavé, Claudio Borghi Aquilini, Antonio Maria Rinaldi, Giuseppe Paccione, Jean Sebastien , Stefano Fugazzi, Luca Boscolo.]