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Crisis an opportunity, Tremonti says

Modern regulations needed for today's global market

26 May, 15:07
Crisis an opportunity, Tremonti says (ANSA) - Paris, May 26 - The current economic crisis can be an opportunity and the way it is handled will determine whether it will have a positive or negative impact on European and international strategies, Italian Economy Minister Giulio Tremonti said on Wednesday.

Speaking at a forum held here by the Organization for Economic Cooperation and Development (OECD), Tremonti said "we are at a watershed in history, this is not a short-term economic event. The intensity of the phenomena we have witnessed is historic and is changing political and economic realities".

The future after the current crisis, the Italian minister observed, "will be built on two pillars: a 'technical' and technological one as well as a 'juridical' one".

"The great economic cycles have always had a link with technological advances, from the steam engine to the internal combustion one, from the computer to artificial intelligence.

But technological advances are not enough if imbalances in rules and regulations are not corrected," he added.

The current economic crisis, Tremonti said, "brought to light how the market and the rules which should govern it became unglued. The former became global while the latter remained local. And this caused big problems".

"Our era today is marked by two words: 'globalization' and 'crisis'. For ten years we lived in the utopia of globalization, a golden age, and now we are closing this decade in crisis.

Whether this will have a positive or negative outcome will depend on us," the minister explained. According to Tremonti the way out of the economic crisis "can be summed up in three words: correctness, transparency and integrity".

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