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Giulio Tremonti recalls that at the end of the working sessions, Enrico Cuccia used to talk about tolls, tolls, and repeated the story of the Autostrada del Sole, where he talked about the bond issue, and about tolls with interest payments. He talked about goods that were “transferred for free”, a proactive way of saying that not only was the concessionaire public, but that the infrastructure was also public, so it had to return to the public. Almost everything changed after that, and perhaps not for the better. ”
Let’s start with today’s news. In recent days, the government approved a bill that also regulates highway concessions, foreseeing that part of the tolls from future concessions will be allocated to the State Treasury, without prejudice to already acquired rights. Its goal is twofold: to build new public works and to control tolls. “This is an innovative policy compared to ‘privatizations'”, he commented. The first to be privatized were banks, which, under the Amato Law of 1990, were transformed into joint-stock companies, with a part of the ownership remaining in the former bank foundations and the rest put on the market.
«Giuliano Amato defines the banking system as a “petrified forest” (this was edited in 1988), which emerges as animal spirits are released on the market, but in the form of a graveyard of poorly regulated banks. One only has to scroll through the map to see a series of successive disasters, from Genoa to Lodi, to Verona and Vicenza, then Etruria, Marche, Molise, Puglia, Naples, Calabria, Sicily and even Rome, where fortunately the big ones remain banking groups and well-managed local banks. ”
After the fall of the Berlin Wall, “the dominant ideology was the ‘jump to the market'” This leap was first made in Russia and Italy, not in Germany and France. The devastating season for the oligarchs began in Russia and Italy with the arrival of the Britannia, escorted by warships organized by the British Invisibles, a branch of the British Foreign Office. This was an important “political decision”, said the Italian Minister of Finance in his introductory report to the proceedings. Tremonti recalled that the technique was applied in two different ways: privatizations implemented by the Ministry of Finance and privatizations implemented by IRI. “Those drawn up by the Ministry of Finance, and of course at this point credit must also be given to Mario Draghi, were based on the transformation of old entities into joint stock companies, which was the origin of ENI and ENIER Thermae, on which the transition to the private sector was subject to quotas, while strategic control remained in the hands of the state. This was not the case with IRI: the country’s strategic structures, telecommunications, motorways and steel were all completely and heavily privatized. This was unique in Europe, so unique that, as we have seen, they have at least partially returned to the state, and the correction to this policy was the transformation of the CDP on the model of the French Caisse des dépôts et des consignees, and the German KfW. I remember the accusation from the left that it was the Colbert model, while I noticed that now it is absolutely the European model. I remember that in the European Parliament in Strasbourg, it was the Italian semester, the proposal was the CDP and the issuance of Eurobonds: the left approved it, defining it as a Keynesian model, and the market experts smeared it, defining it precisely as Colbertian”.
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