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10 November 2010

Corriere: Draghi warns of alarming situation and claims the need to stabilise the country


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Governor of Banca d'Italia claims Italy is “on the crossroads” between stagnation and growth. Uncertainties in the productivity are key, impacting mostly young people because the social mobility in Italy is one of the lowest in Europe.


Italy has problems with growth. „the difficulties with Italian economy to grow and to create revenues still worry us.“ He added: „we still have to evaluate the effects of the recession on our productivity structure. It is possible that the shock of the crisis accelerated the restructuring of at least a part of the system, increasing efficiency and competitiveness, but there is also a possibility of negative path.“

Another disconcerting area is the loss of productivity. „A dualism on the labour market has been more pronounced. Irregular employment remains high, at 12% of total labour units. The implemented reforms increased the employment before the crisis, but without the perspective of a gradual stabilization of work relations, a weakening in the accumulation of human capital is threatening, with negative long-term effects.“  

The social mobility is of another concern for Italians. According to studies, the relationship between the economic results of parents and children are very strong, thus making the birthplace a very important factor in determining the future occupation of young people, for example.  

 


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