These newsletters and columns aim to provide authentic and fact-based perspectives on Italy. Join the conversation.

Governing Italy is like navigating the Venetian canals: narrow, shallow waters and perilous at every turn. These extreme conditions are self-inflicted by Italians and carved into the national debt, 150% of GDP: a myriad of spending canals that no government, to date, has been able to rein in. Unlike Germany or France, whose public finances are in much better shape, the Italian government has limited room for additional debt. The 2023 budget law, €32 billion, has allocated the bulk of the resources to lower the energy bill of the final users, a hefty €21 billion. A strategic chance resides, nonetheless, in the effective utilization of the €191 billion Next Generation European funds, a mix of grants and debts that will be allocated to Italy through 2026 upon the implementation of structural reforms. This will be a critical test for the Prime Minister. Italy has historically been the laggard in the spending of European funds: the 2014-2020 plan shows a "surplus" of around €20 billion in unused resources. The 2007-2020 investment cycles made €206 billion available to Italy, of these only 45% were actually spent. Despite Mario Draghi’s leadership – Ms. Meloni took office 40 days ago--, it is very likely that by the end of 2022 of the initial €42 billion only 40% will be actually spent. Here is where Ms. Meloni must demonstrate political ability and art in getting rid of the excessive bureaucracy and antiquate legislation that rusts the transmission chain from the center to the periphery: one third of the resources and more than two thirds of the Next Generation Eu projects will be managed by local authorities. In a previous column we hailed at M.O.S.E., the Experimental Electromechanical Module that has protected Venice and the Venetian lagoon from flooding. Likewise, as recession and inflation knock on Italy’s door, Ms. Meloni must surround herself with the best and the brightest and create an ad-hoc special forces group to get the job done. These are extra-ordinary times. The opinions expressed in this column are those of the author and do not purport to reflect the opinions or views of Newest Corp. or its affiliates.

Fernando Napolitano

CEO NEWEST

You can now find a section dedicated to Italy's recipes and restaurants on our website, are you hungry?

We know you always want to look ahead, so here is a preview of our new VOB interview coming out tomorrow

Sealance is responsible for innovating the marine outboard motors industry by adjusting the technology used in Jet engines for naval use through the creation of the DeepSpeed Engine. The name originates from combining the words "Sea" and "Silence" as the engines other than being incredibly efficient and eco friendly are also very quiet. The innovation of the company is focused on patented technology centered on product development. After a strong interest in the company after the CES 2022 in Las Vegas, Sealance has opened an office in California on the Silicon Beach which is an ideal location to grow this type of project.

See you next week!

Fernando Napolitano,
Founder and CEO Newest Media