Italian Economy Minister Pier
Carlo Padoan on Wednesday said "Europe's problem is Europe" and
that "problems start in Brussels, and sometimes in Frankfurt",
speaking at a panel discussion on the middle class at the World
Economic Forum.
"We have to completely upend policies, because now they are
giving convincing arguments that populism is right," he said.
Padoan said that the middle classes of advanced economies,
particularly those in Europe, are disillusioned about the future
and disappointed about possibilities, which causes them to "say
no to anything political leaders suggest".
He said under these conditions "finding solutions is harder
than saying no.
"It's the sign of a crisis that calls for a rethinking of
leadership".
Padoan said policymakers must have vision in order to spur
economic stakeholders to action, and that "especially in Europe,
that vision is missing, and this is the challenge that Brexit
and Trump are posing to us".
He added: "I'm sorry to be pessimistic but that's the way it
is".
ALL RIGHTS RESERVED © Copyright ANSA
