-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI INTERVIEW: Italy's Misiani Sees Lower GDP As Covid Flares
Italy's economy is expected to grow less in 2021 than the government's October forecasts as the country braces for a third wave of Covid infections, even assuming a smooth roll-out of vaccinations, Italian Deputy Finance Minister Antonio Misiani told MNI on Friday.
"Italy's GDP growth for 2021 should be between 4.5% and 5%, less than the 6%-plus expected in October," said Misiani in an interview in which he also pointed to the challenges posed by the need to spend emergency European Covid funds. The most recent data indicates the economy contracted in the fourth quarter, he said.
While in October the economy seemed to be continuing its third quarter recovery, "November and December seem to have been complicated months," he said.
This year seems to be starting in a similarly complicated manner, Misiani said, adding that Italy will not achieve 2019 levels of GDP until the end of 2022 or the first half of 2023.
While Italy is currently second in the European Union in terms of Covid vaccinations per capita, differences within the country are a problem, with Lombardy, an engine of economic growth and home to financial centre Milan, lagging other parts of the nation.
"If Lombardy were aligned with the rhythm of other regions, we would be the best country in Europe," Misiani said.
The Finance Ministry's baseline growth scenario assumes vaccinations will continue at roughly the current pace.
"CHALLENGING TIMING" FOR EU FUNDS
Misiani called the European Union's EUR750 billion NextGenerationEU emergency funding package a "great opportunity and responsibility" for Italy, though he admitted that it would be a challenge to spend the money according to the timetables being set by Brussels.
"It is not inevitable that Italy will fail at spending the European funds" said Misiani, pointing to a major new bridge in Genoa as an example of infrastructure projects which Italy has a proven track record of carrying out efficiently.
Still, officials need to streamline procedures and fast-track NextGenEU projects, he said. They will also create a monitoring room to keep tabs of spending.
"The funds that we will not be using today won't come back again," he remarked.
The European funds should allow Italy "to not only recover from the pandemic, but also to return to sustainable and strong growth," Misiani said, noting that the country only grew 3.8% between 2000 and 2019, while the EU economy expanded by almost 30%.
"We can't return to the Italy of [the past], which was a country in stagnation. We have to return to a faster pace of growth," Misiani said.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.