The Sound of Economics Italy and Europe
Mar 18, 2026
Emmanuel Mourlon-Druol, economic historian at Bruegel, and Francesco Papadia, Bruegel senior fellow on fiscal policy, unpack Italy’s paradox: stronger public finances but stagnant growth. They discuss Meloni’s pragmatic politics, the high‑stakes judiciary referendum, Italy’s historic push for EU joint action, and why structural reform keeps stalling.
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Italy's Two Faced Economic Performance
- Italy shows a two-faced economic record: solid recent fiscal discipline but persistent multi-decade stagnation in GDP per head.
- Francesco Papadia highlights Italy has had practically zero GDP per head growth over 25 years while peers grew 15–25 percent, stressing structural failure.
Political Roots Block Growth Reforms
- Meloni's government has not tackled the deep structural causes of Italy's weak productivity and growth.
- Francesco Papadia notes the government's interventionist, protectionist roots clash with reforms needed for competition and openness.
Meloni's Ventotene Gaffe And Public Backlash
- Emmanuel Mourlon-Druol recounts Meloni's parliamentary criticism of the Ventotene Manifesto and the public backlash.
- He explains Meloni highlighted an excerpt about private property, which many Italians defended as a core European federalist symbol.