Monica Setta: “The time for cuts is over”

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Monica Sect go back to the library with Balancing the accounts – Handbook of economics for families (Rai books). From mortgages to insurance, from scams to pensions, to taxation, to smart working, in 256 pages the presenter of One morning with the family explains how to save and invest best. But in the book Monica Setta also talks about what the Recovery fund is, what Mario Draghi’s bet will be and why she is absolutely sure that Italy will make it out stronger than before from the covid. An optimistic view: according to her the time for cuts is (finally) over.

«The economy is considered by most to be a decidedly difficult subject, an agglomeration of numbers, schemes, algorithms substantially incomprehensible to mere mortals who, in fact, are not very familiar with their own wallet. And instead taking care of one’s finances can be a very useful and even fun game “, assures the author,” Dealing with them in these times of pandemic is absolutely necessary. By now everyone is wondering: how will we get out of the lockdown? How will the power of the economic crisis linked to the virus weigh on Mr. Rossi? Well, don’t expect bad news. In my book I will explain why we will come out of the pandemic “of age and vaccinated”. Vaccinated and therefore immune from not only physical but also economic ailments. We will become of age or rather adults even in relation to our worst nightmare: the size of the public debt. Until yesterday, out-of-control debt meant going straight to default, in other words bankruptcy. But the International Monetary Fund tells us that, fortunately, we have overcome this taboo so much that many think that we can learn to live with the maxi debt that the whole West is accumulating in these months of pandemic without hypothesizing a freezing or cancellation of the amount held by central banks. The truth is that we should get used to living with higher debt levels than in the past and with new solvency indicators. The latest reviews have led to a sharp increase in world public debt by transferring debt from the private sector to the public ”.

For Monica Setta everything has changed and the golden phase of austerity would be behind us: «The European Central Bank prints the euro allowing purchases of government bonds to extinguish speculation and clear the spread. Here again is the European Union issuing common debt. To avoid the crash, the blessed 2000 billion of Next generation EU (Recovery fund). In short, one makes a virtue of necessity, as our grandmothers used to say. In short, we will make it. Indeed, we have all the credentials to make it. The money is there, now we need structural economic reforms and then the system can restart. For reforms, the word is up to politics. But if politics is called Mario Draghi, we bet to win ».

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