Macroeconomic Policies for Recovery in Europe and in Italy

The Covid-19 pandemic has caused an unprecedented shock; the national and EU responses have been swifter in Europe, if compared with the “too little too late” approach (followed after the sovereign debt crisis). As for macroeconomic policies, they are necessary not only on the monetary side, but also from the EU budget, also with the adoption of some innovative instruments: the Next Generation EU “recovery and resilience” fund can be an important turning point. This facility is fundamental for a country like Italy, in order to convert its long-run decline and to solve its enduring structural problems. However, macroeconomic policies should be accompanied by appropriate industrial and regional policies, also focusing on well-selected investment projects. The final aim is to achieve an economic growth fully sustainable, on economic, environmental and social grounds.