American Journal of Economics, Finance and Management
Articles Information
American Journal of Economics, Finance and Management, Vol.2, No.5, Oct. 2016, Pub. Date: Nov. 21, 2016
What Ails Italy: The Competitive Issue of the Italian State
Pages: 49-57 Views: 3258 Downloads: 818
Authors
[01] Arthur Guarino, Department of Finance and Economics, Rutgers University, Newark, New Jersey, USA.
[02] Domenico De Martinis, Relations and Communication Unit, International Relations Office, Italian National Agency for New Technologies, Energy and Sustainable Economic Development (ENEA), Rome, Italy.
Abstract
Italy faces a most challenging global financial and economic crisis since the end of World War II. For an economy that grew at a rapid pace between the 1950’s and the 1980’s, Italy has seen slower growth in the last twenty years. Italian policymakers are facing a series of problems that include a contracting gross domestic product (GDP), large unemployment, especially among its young people, high government deficits, large governmental borrowing along with high interest rates, and a divisive north-south economy, to name a few. Adding to these dilemmas are its recent recessionary periods, which some liken to a depression, a decrease in domestic demand, and an exodus by highly skilled younger people for better employment prospects in other countries. Italian policymakers are trying diverse solutions to these complex problems, but are worried that they may not be enough to solve its crisis.
Keywords
European Union (EU), Bank of Italy, European Monetary Union (EMU), Stability and Growth Pact, Excessive Deficit Procedure, International Monetary Fund (IMF), European Central Bank (ECB), World Bank
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