Milan, Nov 23 (LaPresse) – Despite the upgrade decided by Moody's, the Italian rating "remains low despite the improvement," although it is "a promotion that was long overdue." However, the upgrade "doesn't mean much, because it has already been factored into the financial markets' assessment." This is what Carlo Cottarelli, economist and director of the Observatory on Public Accounts at the Catholic University of Milan, said in an interview with Quotidiano Nazionale. "It is, in any case, good news because it acknowledges the improvement in the strength of our public finances. However, the situation is not optimal in terms of growth," Cottarelli adds, noting that "after all, Moody's assessment is not about the overall state of the Italian economy but about our public finances in relation to the risk of default." The early exit from the EU infringement procedure, linked to the "more contained budget of the last ten years," is for Cottarelli "a good thing, which helps to consolidate the drop in the spread," which in turn means "lower interest rates that will benefit both the state and the private sector." But "I repeat that stability is a necessary but not sufficient condition to accelerate growth," Cottarelli concludes.
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