ROMA (ITALPRESS) – “If the war” in Iran “ends today the impacts could be manageable, but if it had to prolong for a long time there would be the risk of a systemic crisis. If the war continues until the end of the year, there is the risk of “recession with a very high inflation rate, close to 6%. Thus, the risks of prolonged war are very high as the impacts on the Italian and European economy are high. A longer war could project us into the most serious energy crisis in history, this would cause a system crisis.” Thus the representatives of Confindustria, in audition at the Joint Committees Budget of Chamber and Senate. “Our main vulnerability is energy, perhaps it is important to have a strategy to overcome it where we identify times and set targets – they highlight – otherwise we also risk in the future to find ourselves in this situation. Moreover, it is necessary to have an emergency plan, having already shared tools means being able to cope with an emergency having already a kit that facilitates everyone”.
“The war in Iran puts an important share of oil at risk. The closure, both partial and total, of Hormuz allows a global autonomy ranging from 6 to 11 months and of these 2 are already passed. From that area comes an important share of oil and gas that goes to Asian countries, this means that if the war should be prolonged, those countries would be in difficulty and in reasonable times we risk a shortage of intermediate goods that come from that area,” they add.
“At the moment the European market” has extraordinary potential. The problem is that the lack of proper policies in recent years has led us to progressively move away from US growth. Clearly, in our view, it is the European institutional structure which is inadequate: the common market is not a real market and remains uneven with internal transaction costs still very high; it is often ineffective in foreign policy; it is certainly ineffective in industrial policy. It must be reformed at the root because this structure does not allow to face the challenges we face,” they conclude.
– Photo press office Confindustria –
(ITALPRESS).
