Michela Passalacqua

Numquam nega, raro adfirma: The «Renewed» State Intervention in the Economy

  • Abstract

Informations and abstract

Keywords: Public investments; Innovation; Value chains; European integration

The European and national law are experiencing a timid qualitative change, arising from the need to provide the tools for trying to supply the innovative flows that the capitalist economy and dynamic competition are able to produce. From this point of view, our country should know how to position itself well in the competition created by new goods, new technologies and new production processes, in order to become a central player in the process of innovation and experimentation. Innovation at the basis of the ecological conversion of economies has the merit of repaying the temporal expansion of benefits for citizen-consumers, under the banner of an intergenerational pact that ensures the preservation of the planet and the health of future generations, in an indissoluble link between what is useful and what ensures the fundamental rights of individuals. The Author tries to demonstrate how the current economic-health emergency seems bound to increase institutional integration in a deeper and wider way, generating a qualitative leap in the circularity of European action, which seems to be no longer restricted to «external» economic and financial governance. By means of a supranational industrial policy, the Union thus takes charge of measures implementing European governance on the «relations of authority and power that determine how material, financial and human resources are allocated and flow within a value chain». This is a way of surreptitiously directing the activities on which the Union’s missing competence in economic policy would insist. Although this conformation should to be distinguished from conditionality, its effectiveness is strengthened with respect to European economic and financial governance because it is combined with the granting of resources, rather than being left to the impassable paths of infringement procedures for excessive deficits. What emerges, therefore, is a new meaning of public intervention «for restructuring». It is no longer a matter of restructuring companies to bring them back to profitability, nor simply of directing them towards strategic sectors, but of allowing public initiative to become part of the redesign of value chains in order to accompany innovation, even if only promoting the best start-up. In short, the European institutions are reinforcing a pro-competitive regulatory architecture that is designed to encourage dynamic competition to which the task of ensuring a macro balance is assigned, instead of continuing to detail rules on restoring the balance of the individual contractual relationship. In this context, the intervention of an Investment State seems to be taking shape, not dedicated to rescue operations, but rather to plan a renewed development, examined in the light of the recent provisions of the Relaunch Decree involving Invitalia, but above all Cassa Depositi e Prestiti, as the main director of this process of change.

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