In an economy with high public debt and low productivity, reform is essential for increasing potential growth and making the economy less vulnerable, and it is in everyone’s interest to pursue it.
In an interview in 2013, Giacomo Vaciago answered a question on the pros and cons of the Fiscal Compact as follows: ‘I still see people carrying pieces of paper from one office to another in many public institutions … I still get e-mails from people asking me to send a fax or letters that have to be put into envelopes and stamped… If we’re still using 20th century technology we’re clearly not ready for growth’.