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Girardo, Marco

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3 articles of this author have been cited in the European Press Review so far.

Avvenire - Italy | 23/10/2015

Europe stuck on ECB's drip

The European Central Bank is contemplating extending its bond-buying programme. ECB chief Mario Draghi announced on Thursday that further quantitative easing measures would be examined in December. Europe will remain in intensive care for some time to come, the Catholic daily Avvenire predicts: "We shouldn't forget that the real goal of the glut of money was to bring the inflation rate back up to an acceptable level, which according to the central bank is two percent. Unfortunately we are still nowhere near that goal. Quantitative easing has fallen short of its target. So the ECB sees itself forced to intensify the therapy to achieve a rise in prices. It seems to be increasingly problematic for Europe to leave the intensive care unit - or in other words to get back to a situation in which the economy, rather than the liquidity of a financial world doped up on cash injections, is responsible for growth. But the plan to overcome the period of stagnation using monetary measures exclusively is likely to be anything but painless."

Avvenire - Italy | 20/08/2015

The Europe of the future needs debt write-down

The German Bundestag has given the green light for the Greek bailout package but the waiving of debt is still taboo, the Catholic daily Avvenire laments: "Athens has been saved, at least for now. This is not the old Europe, because once again the birth of a new Europe has been prevented. Without at least a partial debt write-down the European Union will face the same dilemma three years from now: should it lend Greece more money or lose an entire country and split up over it? ... The German parliament's yes has been given in the spirit of an old Europe. This Europe is crippled with fear. Just mentioning the word 'write-down' could give populist movements in other debtor countries with upcoming elections a boost. The new Europe should have shown political farsightedness and appropriated the term 'debt write-down' in a display of solidarity. Solidarity is far more important than the outcome of this or that election."

Avvenire - Italy | 24/03/2015

Italy must make best of China's spending spree

China's biggest chemicals group Chem-China is taking the helm at Italy's long-established tire manufacturer Pirelli. Chem-China, which is state-owned, bought 26.2 percent of the shares in the Italian company on Monday. Italy must make the best of the wave of foreign investments, the Catholic daily Avvenire warns: "After the lean years a good deal of dollars, yuan and yen are flowing into Italian companies once more. And after all, making Italy attractive again was a declared goal of the government. … Without this money many of the companies in Europe's second-largest industrial nation wouldn't be able to grow or compete on the global market. So it would be rash to start erecting protectionist barriers now. But for the foreign funds to bear fruit in Italy investments must be made in infrastructure, starting with expanding the fibreglass network. Here the state must not be content to simply pull in money from the global market but must make its own investments."

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