Mr. Pier Carlo Padoan, the Italian Minister of Economy and Finance, delivered a speech during the “Building inclusive globalization by implementing better policies for improved competition and capital allocation, wealth dynamics” session. He underlined how the crisis of 2008, which started in the USA before going global, spurred reflection about the need to change economic policy models in the competent international and national fora.
At first, these reflections focused on financial regulations only. Then it became clear that a wider array of policies was needed, ranging from fiscal systems to structural reforms and that not only growth rates, but also potential repercussions on inequalities should be carefully evaluated. Populistic drifts are, in fact, highly topical nowadays, baring testimony to the fact that the lack of inclusive growth is dangerous not only from an economic point of view, but also on social and political grounds.
Minister Padoan closed his allocution by pointing out similarities between the themes of OECD’s 2017 Ministerial meeting and the priorities of the Italian Presidency of the G7, namely the Bari Declaration on inclusive growth adopted in May, during the meeting of the Ministers of Finance.
