Consolidated Italian credibility in Brussels and the unknown Pnrr-Corriere.it

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The images of the weekend, with Giorgia Meloni sitting next to the Pope and then next to Zelensky, in a Rome at the center of the international diplomatic plot, are a kind of European insurance for the government, but also for Italy. When one wonders why the markets are so calm (indeed, the Financial Times writes that the stortisti who had launched into the bet against our bonds were forced to withdraw), while Fitch confirms our debt rating, we need to know that for this too: from American funds to large international investors, Italy is now seen as one of us, one of us. A country firmly deployed on the western front. Like when it was Dragons. Everything there has weight too Brussels. Where the attacks by French and Spanish politicians on the government of Rome are read for what they are: reflections of internal political affairs. Giorgia Meloni continues to enjoy the protection of the European establishment. A little for the Ukraine, partly because Italy is Italy, partly because you never know: after the next elections, the popular-socialist-liberal majority that currently governs the European Parliament will most likely no longer be enough. It will need to expand. Or the Greens, or the Conservatives, or both. In that case, Meloni would be very useful to many.

Even the ratification of the month it does not create particular anxieties. TO Giorgetti The tactic that in English is called low hanging fruits has been suggested: that is, the government should present as its success the opening of a discussion on the future of this instrument, conceived for another historical phase, a debate that is already open. And so it could ratify it, without losing credibility in Europe but also without losing face at home.

There is only one real, big problem, almost a nightmare, which hangs over Italy. And the Pnrr. In Brussels, many people adopt Murphy’s law: If something can go wrong, it will go wrong. Nothing compromised yet, but there are many doubts about the ability of what is defined as a task force that does not speak English, set up by Fitto in Italy, and which is made up of a few dozen people: how can it effectively replace the techno-structure of thousands of officials that the Treasury has? And if things went wrong for the disbursement of the subsequent tranches, the markets would understand that Italy can no longer count on a secure flow of about 40 billion a year of European funds. Then even financial stability could be called into question.

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