“We invited a country on a 15-year diet to five wedding banquets.”
With this image the CEO and Founder of Iniziativa Ivo Allegro photographs the PNRR a few weeks before the June 30 deadline, in an interview with Davide Cerbone for Nagora.
A few numbers to understand the scale of the challenge: Italy had gone from 65 to 49 billion in annual public investments between 2010 and 2019. Then, suddenly, the country found itself managing the largest share of the 720 billion of the Next Generation EU, with a plan that, with national resources, exceeded 220 billion, of which approximately 70% is debt, to be spent substantially over 4 and a half years and to which the European funds of the 2021-2027 programming must be added.
In the interview, Ivo Allegro analyze the glass half full and half empty:
- A modernized and rejuvenated public administration, necessary investments unlocked after years of stagnation, and businesses (especially in the South) that have been able to strengthen.
- Inflationary pressures, the unresolved issue of maintaining and managing existing investments, and an uncomfortable question: what will happen after 2027, when the massive public spending stimulus ends?
The challenge now, he says Allegro, is to convert the legacy of the PNRR model into mainstream practice. This includes tools such as public-private partnerships (PPPs), which Italy still shows too much resistance to, without realizing that, to paraphrase a famous Pirelli advertisement, Investment is nothing without management, it has no lasting impact.
The final budget? Not before 2028. But the choices that will count are made now.o.
🔗 Read the full interview
