Italy obtains Billions of Euro from European Union

In July, the European Union (EU) agreed to raise 750 billion euros ($850 billion) in public markets. The plan still has to overcome legislative steps before distributing the historic amount of money in 2021, but former Italian Prime Minister Enrico Letta told CNBC that he thinks “it is the last chance for Europe and mostly for Italy.” Italy has been criticized in recent years for not updating its labor market policies nor cutting red tape, among other reforms. Italy is expected to receive about 81 billion euros in grants and 127 billion euros in loans from the EU starting next year. Former director at the International Monetary Fund Carlo Cottarelli, citing infrastructure and digital reforms, told CNBC, “What is going to be critical is whether Italy now takes this as an opportunity to introduce the reforms that are long-overdue.” Italy’s Prime Minister Giuseppe Conte has previously said the EU funds “have a real chance to make Italy greener, more digital, more innovative.” European member states are putting together detailed plans about how they will invest the money coming from Brussels. The plans must be approved by the majority of the 27 member states to ensure they follow key priorities such as green policies. 

In luglio, l'Unione Europea fu d’accordo a raccogliere i fondi di €750 miliardi nei mercati pubblici. Il plan non è ancora finito, ma questi soldi aiuteranno molto l’Italia. Enrico Letta ha detto che pensa che sia l’ultima opportunità per l’Europa e per l’italia per avere più fortuna nel mercato. L’italia riceverà circa €81 miliardi in concessioni dell’unione. Riceverà anche quasi €127 miliardi in prestiti cominciando l’anno prossimo. Questi soldi sono per aumentare le innovazioni e per trasformare in una cultura più digitale. I soldi saranno anche per aiutare l'Italia con i problmi ambientali.