so thank you many more than the past year we were so few last year and i'm happy because now we have the opportunity to attend the festival in presence the return of the state companies community institutions this is a very burning issue we'll soon understand the reason why this is another successful addition a success which has never been discontinued not even during the difficult times of the pandemic we have been living together for 14 months with a covet thanks to vaccination campaign at last this virus is no longer appearing as a terrible enemy as we used to be in the past but we need to have vaccines uh against uh prejudices i.e that of inequalities i'd like to welcome the mayor uh who is here for the second time he had just been elected last year and you uh yourself said the festival is precious it's like a vaccine against a closed mind so thank you very much for being here to represent such distinguished city we have many international experts who gave an international dimension to this meeting you have the floor mr mayor well uh thank you very much i am indeed uh really more convinced than in the past that these four days are a real vaccine against a closed mind we know that uh state and market are complementary i'm very happy because trento has found again the opportunity to meet in the festival that was not to be taken for granted till some weeks ago we were concerned and we were afraid of having to meet online once and again so seeing the city who is uh uh open again uh the joy of those who work in the hurricane sector those who can host uh the guests and that uh further stimulates the desire to uh start again i was elected the mayor at the end of september last year so i myself experienced the uh coming back of the state indeed the central government had to pass a number of decrees in order to act and fight the theme was we had no public funds enough so we had to work on private money for a number of reasons we today have a recovery and resilience fund at national level envisaging the a new uh railway uh passing through the city uh with a view to the next 100 years that has been made possible with the support of a private capital i think that all communities can well appreciate what are the subjects of the theme we are here like in a laboratory to discuss many important issues i remember what tito boeres said when we presented the festival sometimes we are nasty some say that authoritarian government performed better than democracies just have a look at what's going on in india i'm not saying that because we are glad but it's a real disaster we all know that we have a transition period to go through we have to understand together what is that so that nobody is left behind as our prime minister said transition with everybody on board i make reference to what you said when you introduced the program you said uh indeed we really need the festival this year to understand the difference and the border between public and private sector we know that the state is precious when it offers infrastructures and services but in the private sector each one of us will have to find a new role and a new space this is something new for individuals those who have white hair indeed witnessed that during the wars the world wars which had so many victims everywhere as the pandemic is having many victims all over the world that's a great opportunity to ask questions not only on the economy but also to find a different approach to the community all together yes this is an international festival so uh indeed we are proud to have the festival here in this uh by polarity between state and market well this is a land where cooperation was born well social enterprises were born so thinking about a state and market is very important then we have community i will come back to the idea of community where the president of the province of trenton and i want uh the president to conclude uh the first three uh uh but before i'd like to welcome the new dean of the university of trento uh you come from a different perspective you are the one of the promoters and uh not only uh an attendee of the festival you have always followed the festival of a private citizen today you are here on the stage among those people who promote and host the festival the university of trento is one of the pillars is one of the hinges on which this prestigious meeting is based good afternoon thank you very much uh this is my first time attending as a public person i have always followed this meeting it's a great opportunity to think over important subjects just think of the titles of the festival of the past and you will immediately understand what has been said over the past 15 years the university of trenton has always been a sponsor and we have always believed in the initiative we want to continue to give our contribution and we'll do that in the future university is a place for critical thinking the festival has always welcomed many different points of view we've had very distinguished speakers but we also have been able to speak to the whole community there are many different users and attendees of the festival here we have high level events with nobel prizes economists politicians at the same time we talk about very important social issues which are not only for experts i'm happy to see that the city uh is considering the festival like a sort of celebration it's like a party people come back and attend year after year so we are very happy of that there's multiple levels of participation have been one of the reasons uh for success of the initiative i today represent one of the institutions who has always supported the festival and we strongly believe in that we are really glad to support the festival it's a moment of dialogue it's important to hear many different opinions many different opinions can be heard at the festival and exactly the opposite of those opinions it's for everyone you said that the university has also experienced difficult times with a lockdown with distance learning which has in a way impaired the autonomy this is one of the key elements which will be debated in these four days such as freedom autonomy and dialogue with other entities which are getting more and more important and some who have to make decisions on behalf of other subjects was that difficult was it difficult to come out from the emergency yes indeed it was it has been difficult for everyone in particular for students they have experienced something new that has been difficult for the teachers for the clerical staff for everybody who had to invent a new way of teaching we had distance learning we tried to do our best it was an emergency situation we also suffered for the limitations like all citizens we were used to autonomy and the idea of self-government and we had to live in a situation where we were not deciding but we were all together united not all only professors and staff but also students they all accepted the new situation indeed they could have suffered but they accepted that now we are looking forward we made many major steps forward with the vaccines and we hope we will be able to have our classes with all the students in we don't know what are the reactions of students we don't know about the conditions but uh regardless of the constraints that will be imposed by the government and by ourselves because safety and security is key but we want to give us the sign that things uh uh going on the 1st of september 2021 is not like the year before and indeed we are more more protected thank you very much mr dean mr president the province of trento had to come to terms with a rather invasive state i really like the idea of synergy that you mentioned when you said that the central government the regions and the group of eurasia the european union and local institutions and community all of them have to work together to produce the sparkle which will relaunch the economy and the society at large we are here to look and work on collaboration is it the moment of peace an agreement thank you very much i'd like to welcome you all i'd like to welcome the distinguished guests uh we have to be practical in this time and the the festival is something practical we see people here they are reality they are real people around are real uh you mentioned uh the sparkle and eureka a few days ago at the brenner pass we signed an agreement on uh trans border energy between tyrol south tyrol hence austria and italy that is being practical and concrete that goes beyond the chatting the theories the ideas the ideals but now we have concrete practical things in trento and in the trentino we today have something practical i mean it was not to be taken for granted that we could have had the festival offline one month ago we decided to do that indeed we were not positive about the situation of a coveted one month after but that was courageous and part of the city of the province and of the festival indeed the willingness of organizers was very clear and you know i'm watching giuseppe la terza nochenzo chipoleta sitting in front of me we had the festival online last year that was good but being offline is very important notwithstanding the constraints and the masks and so on so the idea that we give outside is that we are innovative and we were courageous to do that and it is also good for a restart this area left on tourism thanks to the collaboration with other communities so the message we send out today is of being practical and concrete something we achieved and what about the interview published on the newspapers by marister jamini the minister for regional affairs she's very reconciling also in terms of availability of funds as you said in the first question the relationship between the government and the regions indeed we had to decide whether to open or lock down and there was a sort of iron arm and we indeed decided to give up our autonomy in the hands of the state that was not final or definitive uh but that was for the emergency the province of trento is an autonomous one and uh we continue to be autonomous as for the financial resources indeed regions have to be heard listened involved and they have to be part of the choices which are made not all the territories not all the regions have the same ability to spend well the resources if the resources are distributed in a balanced way and are given to those who can spend them well that's good if this does not happen well there is a risk that resources are allocated and not spent in italy different mechanisms are implemented for the project sometimes projects are there and money are not given there are areas having the money and they have difficulties in spending so we have to reconcile the ability to make projects and the project of president obrento and the province of bolzano who are autonomous have this ability we have to say that loudly thank you very much i i want to ask you to say an adjective we have had 15 editions do you want the festival to be inclusive stimulating what do you expect from the festival mr mayer it's going to be fantastic thank you and it will with an exclamation mark uh dean of the university i would say innovative we have to make a change uh the times have been difficult we need something new thank you very much mr president courageous so far thank you very much thank you to the representatives of the three promoters the city of trento autonomous province of trento university of trento now we change the speakers sorry if i ask you to go down the stage this is because of distancing and so thank you very much and while someone comes up to sanitize the chairs thank you congratulations i would like to give you some figures now we are sanitizing and then we'll have all the other speakers the partners and these are some power scientific director and la terte who indeed planned this format and is very successful in the 15 years well we had a great successes if you visit the website it tells without borders because half of the speakers and many of them are coming from abroad are international speakers of great prestige will have five nobel prizes now we have in chains of chipotle who can come up the coordinator of the publishing committee mr la terza and then gregario de felicia who is the head of economist at intesa who has been a partner for 15 years and tito boyeri let's join your hands thank you very much for being so relentless in your work you really worked hard and in the editions uh we had 2078 speakers with uh 27 lectures by nobel prizes 350 000 uh participants in presence 56 million connections to the website these are great figures uh indicating that this festival is able to attract a very large audience and not only experts in economics that is that means that the festival is widely known by people who want to cultivate and enlarge their horizons mr chipoleta you explained that at the end of every edition the new theme is conceived and this is what you did in 2020 so you immediately realized that that would have been a key theme so this is a coming back of the state but not striking in september last year the pandemics was still raging and the state had already been quite present forcefully coordinating vaccination and if i may let me just remind you that we're talking about the state not just uh recalling at the capital cities such as rome or madrid but all the collectivity all the provinces all the regional authorities had taken the lead because they were driving out of the pandemic so with vaccinations the state had also contributed to integrated wages guaranteeing loans for those who had lost to their business so the activity of the state had certainly been played a very big role with somebody experiencing the threat of the state coming back attaching or affecting uh personal sphere not just economics but our daily lives and it came out automatically to think about devoting a whole addition to the state activity not as if it were the come back of the state as if a threat but an ideology came to the fore that was due also to the technology so much so that the private spheres gained ground because of the pandemics the state got back because perhaps we had for example um exposed uh our weaknesses too much so we are now going back to some universal dimension we thought uh that redundancy was okay for workers but obviously this is not good for all the workers there are many other workers that get no cover then health care of course is important and that is most important for all not just for those who can who have a job but also who those who don't have a job so now um i think that there's a time when the stage has to play a bigger role there are times when the state has to play are less important roles certainly the state and the market are mutually supplementary so of course so when the market comes to food and the state goes back and that is the same for the state placing a bigger role as a provider of essential services first foremost of course indeed we shall be reminded that the reduction of uh inequalities is not something that you can pursue through uh the fiscal system to truncation this is only a modern role being played by taxes indeed most of the differences of the inequalities are in a way bridged by good services if you have a fifa free-for-all education a free-for-all public health system a free-for-all system finding jobs or some kind of supporter to find an accommodation and perhaps some social security these are all the role being played by the states and that is certainly what may bridge the bad gap and flatten out differences this is the important role to be played by the stages so that the state becomes cohesive so that everybody can uh be equal i'm looking at mr felicia because i'm thinking uh about our perception obviously we look at such things as italian but all states not just italia the italian government played an important role during the pandemic so much has changed uh and uh some constraints has also been raised to the freedom of physicists not just in italy but in europe uh at large and then we've seen other countries such as brazil india who where there are imperfect democracies if you may say so this has been managed with a certain degree of superficiality with not imposing um constraints on what the public does but as far as europe is concerned what do you think is changing in europe and as the rule of the state is the state playing uh a bigger role is there going to be a bigger role to be played by the market what do you think well i believe that a situation such as the one that we're going through which is important for the state to play an active role to manage the emergency situation we've seen that a loss of money has been spent worldwide some 16 trillion dollars have been spent by the public authorities uh 16. and that that has been has happened in a uh with a high degree of diversity worldwide europe has not been the biggest spender but i believe that under certain conditions as the one we're going through the state has to act timely in a proportionate manner and with effectiveness because this obviously creates or paves the way to um competition among in between states in managing the pandemic let's look at the u.s for example the u.s started off very poorly and they recovered importantly with the vaccines what has been the effect of the pandemic in europe well that has been has brought up an important innovation next generation eu is represent the first time when there is a transfer uh among it between the u.s member countries with the redistribution of the public debt and with a bigger role being played by the authorities so much so that european uh authorities are telling to the member countries that we shall proceed jointly towards a double uh transition the environmental transition and the digital transition so a question that we might raise is the follow is as follows can the market by itself do likewise would it be the same without the authorities playing such an important role well certainly the public authorities have been playing an important a very important role and they've been being quite generous in doing so and you know when money is contributed obviously objectives can be reached and both sued more easily what about italy a historical point in time how do you think that italy can play a greater role be a key player on the european scene well i believe that with next generation eu being a program uh devised a lot for italy italy and spain used to be two member countries that have been worsely affected by the pandemic but one of the major gap in the european projects is that it never succeeded the european con the economic convergence among the member countries italy is often lagging behind when it comes to recovery uh looking at the list of european member countries so i believe that behind the next generation eu plan there's an important plan to support italy italy being the um bigger spender the greater beneficiary but italy obviously has to do its share if italy is successful is that the recovery plan is successful well then this will be good for all the italian and it will push the european integration further importantly european authorities otherwise might say you know we did all we could and the greatest beneficiary only contributed margin minimally uh then if that happens obviously there's not going to be as a stronger conviction in supporting europe now trying to have the european market for capitals and uh the banking union well that will certainly uh be important advantages three four percent is the growth as anticipated by european um authorities in terms of uh growth of the gdp do you think that there's enough for european investors to um pin their hopes in italy well a growth by three to four percent is quite an easy achievement this year what is important is what it shall happen in 2025 was that because in 2025 we shall have kim we shall have completed all the uh recovery plan uh and the reforms enabling italy to have a greater potential for growth and will be completed so as to come closer to the average german growth before the caviar um germany grew by 1.6 1.7 and italy grew only by 0.5 and 6. well this is a huge gap which is not due to the incapability of our business people and entrepreneurs but because it is due to the fact that our economic system is not allowing for uh competition the legal system is very slow down the public administration is not focused on the entrepreneurial community and this in a way prevents us from fully exploiting a huge potential that we have with our young people with our women all that potential goes untapped you're very right indeed a great attention should be devoted to both young people and women and puerto is going to tell us about the events that are devoted to the streamlining of bureaucracy to the involvement of other classes i think we shall have opportunities during the next few days um to of thinking about this major focus now i'd like to address giuseppe la terta together with mr chipotle mr lata has been organizing this wonderful event i'm looking at mr la terza because this is not just gdp which is in increasing even a greater number of books are being read i know that president matarelle is fully aware of the fact that italians have invested heavily on their culture during this difficult year when we were locked up in our homes we probably felt a greater need an urgency to learn more to study more and this is why this event is going to be so innovative so not only do we perceive this need for more books not only is this the opportunity to relaunch the publishing business so because there are um there's fiction there's um essays there are many groups of books that are being sold and these opportunities are opportunity for uh speculation and reflection so this is a major challenge that we have to come up well thank you first and foremost i think that um president mattarella was not uh praising the publishing houses but it was he was praising italian citizens because um looking at the list of books that we had published during the last century and he said that during the pandemics uh and at the beginning italians weren't reading but during the pandemics people went back to reading in italy especially and at the end of the year uh a greater number of the gross number of books was read during the pandemics because there's a need for learning there's a huge need for learning and this is what our presenter said and hopefully this is going to be experienced over the next few years as well well i believe that many people who came to the festival uh right from the very first uh edition all the people who sit here were quite taken aback but the great success this festival experience right from the beginning and uh um though we had planned uh having 150 people and over 1500 came so we had to go to the auditorium and this what has been happening consistently over the years a greater a number of listeners came and people are certainly asking for more information and for greater rigor the mayor said that um we had to consider the combination of state and market and the idea of community community being a very important word now and the dean of the university talked about innovation and this is a key word again this is a buzzword because uh if there's no innovation being prosecuted by speculation then there is no growth and the fugatti referred to consistency and courage well i believe that under conditions as the ones that we're experiencing today we have to look ahead the future gregorio de felicia just said that we have to look ahead to the 2025 certainly the number of jabs uh is important the number of vaccines are is important but the decisions that are being taken today the decisions that are being made today um is important not just for us but for our children and this is exactly the subject matter of the next few days so we're certainly going to hear about uh the presence but we are greatly focused on what is about to happen in the next 10 15 years we're going to talk about the taxation system about the relationship between um autonomous regions and different local authorities and the central authorities at the beginning you know we all agreed that we all can shape our own ideas and as a publisher i try to be liberal and uh plural and i believe that this is the greatest contribution that we can give to democracy a major economist and a philosopher amateur an economist and a philosopher let me stress that he said that democracy can be measured on the quality of the public debate that there are fictitious democracies where fake elections are held and that is no democracy there can't be any democracy unless there's a good vibrant public debate that has to be rigorous of course as the one that we have been trying to develop here at the festival and this indeed has been met by the great success i've looked at the context of the visits at the hit for all that was published during the past few months or so and that proved that there is a strong desire for knowing for learning curios so there's a lot of curiosity not just on the side of economic economists so this is certainly a great success of the um mr boyd mr boheri during the press conference has been praised for his vision in identifying also the key players uh that and the key speakers so in his international relations as it were he has this incredible vision he may anticipate those who proved to be the um brighten brightest stars now when it comes to young people let me stress something the competition for secondary schools many students have been involved into this competition despite the homeschooling and let me let us recall what that is well let me stress that festival this is a festival of the people of trent the people of trento are involved in the initiatives are the ones who raise the issues are the ones who meet the speakers and it is utter joy to see the public in the in the theater unfortunately we shouldn't have 1500 people because they're something that the pandemic wouldn't allow us to have but we can have a delimited number of people but seeing people is something that is uh the greatest joy because you know when you look up at the faces of people you can see their reactions the way they um react to what is being said now with reference to what you were saying to the secondary school we're it is a great it is with great pride that uh i may say now that we held the competition pretty much the same with it before the pandemic so despite homeschooling we had over 100 schools being involved in this competition and we've seen our top quality commitment and we're going to award the winners of this competition as we did in previous editions in italian secondary school we talk much more about economics than we might think and uh we cover subjects uh that are not banal at all as the the subject matter which is going to be the food of our meetings today as uh fugati as the florian and the previous speakers are said before me we're always tackling very tangible very hard-on matter you know the festival has never been just philosophical um speculation indeed very practical subjects are tackled with an attempt to provide solutions with we try and see the way economic economists think at better times leave some questions open but all the time we can shape also political decisions before they are made and i believe that the festival is an opportunity also to see how economists look at things here at the festival i have been voicing criticism against my own profession you probably remember the trial against uh economist had been criticism that we leveraged against ourselves after the major financial crisis and let me make a couple of comments when it comes to the commitment on the part of the economist on what happened there has been a strong commitment to try and find solutions to the pandemic indeed the pandemic is not just an issue for epidemiologists for virologists for those who had to provide more scientific contribution to the shaping the action on the part of the government there are also been a major role being played by social scientists and indeed we were all very much committed to that covert economic is a new journal of economics that has been published 80 issues speculating all the social aspect connected to the pandemics and the important contribution that has been provided to shaping the economic politics decisions now in so far as the life lives of economist is concerned well i believe that over the years this festival has shown that there are different ways to be an economist people might think that economists are bankers are a are the accountants and these certainly are all people with a background in economics this is certainly true this economics indeed is background that is shared by many people who play different roles uh the accountants uh as the bankers and uh alike but there is another way to be an economist and that is the social economist that the work that you do next to people let me for example i think let me remind you of a person that has a background economics that worked as an economist um luca attanasio the italian ambassador to congo who was who got killed uh this year he was trained as an economist and he has always looked at his job as an economist an economist combining the public sphere and the private sphere and this is another important aspect of this festival there's no confrontation between public and private there's no winners and vanquished we are working on the cooperation between public and private the same cooperation that brought about a true miracle i wouldn't know how to terminate otherwise if you just think about what was happening one year ago if you had asked about vaccine to the top expert and nobody would have anticipated what we actually had nobody would expect that a year ago nobody nobody was expecting that we would have one vaccine everybody would have been totally taken aback if you were to say that one vaccine two vaccine three vaccine had approved only two percent of the top experts worldwide would say that uh we would have one vaccine as a matter of fact we have more than three now and you know that a sufficient amount of vaccines are being produced to vaccine large parts of the continent and this is the combination of a public financing and a private uh initiative five more minutes let me now before mr chipolte leaves us he has to leave and uh the festival in my mind is going to be young and entertaining and so this is uh uh so we anticipate something light and uh um not difficult oftentimes economics uh lead us into thinking about something difficult and complicated and what about you is the felicia how would you term the festival this edition of the festival uh you are part of that group of bankers that rule the economy what where do you think uh what do you think that this festival is going to be world bankers think about the future for our children as well so your question uh um is is about how would you term this festival what would you wish this festival to be for this edition and the next ones well i sincerely wish that italy will see economic growth the bridging of uh social inequalities and uh new uh possibilities for our young people thank you thank you i believe this this focus as young people is certainly very important as a journalist i saw that those who were worst hit in the pandemics were again young people and women many women had to forgo their jobs and they've been they've been left out of the labor market and the same is true for young people who may enjoy very few opportunities we talked about that also with mr la terza also as parents and not just as professionals and we were thinking about what we can do for our children and we can try and open up the horizons for that and make them learn as much as possible on saturday uh paulo prophet and leader larissa vadini as coordinated by ferrari or colleague of yours are going to talk about gender inequalities and public policies on saturday next let me talk about the community once again the festival is the result of an effort by many people if i may i'd like you to ask president president fugati to go to just one person marilyna de francesco and i would like uh to invite you all to put your hand together for the team for her team marina francesco has been following us together with a team right from the first edition without them we could have many nice ideas but we would never have the festival as we know it we would never had such a lively experience meeting up new people exchanging ideas where everything seemed smooth because there was a team and a woman so let me thank just one person uh and this year has has been very difficult and let me thank and acknowledge the work of um mrs de francesca and her team because women are problem solvers that they are used to solve the many issues so they are empathic they are problem solver and they know how to work as a team now let me go back to boyeri mr puerto um as something very interesting he has the very interesting meeting with commissioner gentilone he started off working early in the morning and he will continue to do so with many ideas uh with many different players is there anything that you'd like to highlight let me say that whenever if i name one i'll forget in another another one i do something wrong so i believe that all events are equally important there's one event i'd like to point out that we added to the uh our program that is not in the program which is going to be held tomorrow at 8 00 pm and it is going to be a speculation on fiscal justice and the reference has been made in our country in italy to the inheritance tax we talked about that with mr gentiloni and there is an important initiative on the way into tax capital rather than labor so to tax the capital of major corporations working on the web and to those who may are paying less taxes because they uh enjoy holding their companies in tax havens there are no losers that have been generated by the pandemic whereas others had enjoyed important gains because they had invested on trading online and so and also with vaccine uh there's some inequalities being created so we're going to talk about vaccines not just with the um nobel laureate professor kramer he has worked at length his book on the vaccine dates back to 2004. so this is a subject that she has been tackling for years and he's going who runs a company manufacturing vaccine so this is going to be a very hands-on uh discussion so if i may uh let me uh ask you what is going to be your festival like i hope it's going to be useful this is my how would term it i hope it is going to be useful for those who make decisions we're going to be more than half of the councils of ministers so there are people who may certainly heed our suggestions and afford their decisions uh and shape their decisions based on what is being said here so these are all people that are going to guide the action of the government what is important is to start on data to base your decision you know this is what economists provide economies provide data so we provide such data to the decision makers so that they guide their action on these scientific evidence and i believe that this is very much uh the basis of democracy i'm looking at the logo of this event and i hope that uh the festival is uh bright as the orange informative and sly as uh the little animal representing in the logos so enjoy the 16th edition of the festival that we've been just inaugurating so we enjoy the conferences you