Do you know that German and Italian small to medium businesses that are directed towards export markets are usually competitors, in fact the Euro put the Italians at a very strong cost disadvantage compared to the German companies that got cheap energy from Russia. I think given how the economies are balanced, Germany losing a key advantage actually benefits Italy. As long as Italy is able to get the capital to invest, that is the main Achilles heel of the Italian economy.
@@Tulkash01 I don't buy that, cause Italians had a lot of overlap on specialized industries in machinery, tractors, and a lot of very specific industrial products that aren't considered parts. You are probably talking about the auto industry, there are more types of goods than that. I know because I had to try to source machinery prices and suppliers and a lot of those were actually Italian companies And after the Euro a lot of these specialized industries had a very rough time.
@@calexico66 the euro had positive and negative effects on Italian industries but again, most of Italian industrial production is integrated with Germany, cars but also precision mechanical components, green energy industries and much more.
@@Tulkash01 you must be confusing with Romania, Hungary and Czech republic, and I am talking about finished goods not components. Just buying components from here and there doesn't make it integrated.
Sure. Forget about corruption, cronyism, decades of constantly changing governments, the south being half a decade behind, disfunctional local administrations and low education levels. The "main Achilles' heel" is energy prices 😁
Current Italian growth was driven by a huge government program meant to help the renewal of old houses making them sustainable and in line with European parameters. It was called superecobonus 100% and it was meant as a stimulus package in purely Keynesian terms. Now it’s over and we’ll see how the economy adapts to that. P.S. Always keep in mind that a huge part of Italian economy falls outside official records.
It doesn't help that Italy is either the highest taxed or one of the highest taxed countries in the Eurozone, so it forces people to work in "black" to skirt paying taxes on that income. Also, with terrible mismanagement and bureaucracy being absolute hell, the people feel as if their money never comes back to them, especially when you look at the failing education system, the terrible roads, low police response time as well as the many hurdles of doing business.
@@rmmvw No one is "forced" to work "in nero" ("in the black" has a whole different meaning in english...) and the astronomical level of tax evasion correlates directly with the "failing public services" you talk about... btw, that is actually debatable, because the level of quality of anything in Italy depends on where you are in the Country. There are Italian highways that are better than German highways for example, the school system, while it got markedly worse in the last 25 years isn't terrible by european standards but again, there are excellent schools and teachers and there are extremely terrible ones. Police response time varies as well (the whole lot of them and there are quite a few). In general there are problems, because the system is easy to mismanage and often those who promise "efficency" are the first who try to profit from it. The legend that Italians don't pay taxes because they feel betrayed by the State is just that, a legend. Since the very founding of the Country back in 1861 Italy has had a problem with tax evasion, even when taxes were extremely low. The truth is there's a large percentage of the population who actively tries to avoid paying taxes for personal profit (around 30%) and they have their own parties that protect their material interests, making sure tax avoidance is not only tolerated but rewarded by lack of effective controls and countermeasures. There's a reason the parties in power suggest tax amnesty as their main and only solution to the problem of tax evasion.
@@Tulkash01 you're not wrong. I live near the northern Italian border and speak to Italians daily and this is the sentiment that I get from them, so maybe I have a skewed view of things but largely this is what I've heard consistently. I read something that they are trying to combat the high number of students failing out or not even participating in universities. Also with the lack of investment in industry and more into tourism, we can see what the government thinks of its people. Brain drain is a major issue in the country and they're doing very little to slow the rate down
@@rmmvw eh, I’m Italian and I know that “rationale” very well, it’s basically the excuse a lot of people use to justify tax evasion, usually preface with “of course tax evasion is wrong in principle, but we get nothing out of it, I would gladly pay if I had decent services”, (the Romans used to say “excusatio non petita, accusatio manifesta”, “unasked apology, explicit accusation”). In truth historically data proves Italy always had an high percentage of tax evasion no matter how low taxation was. Turns out the main thing about paying or not paying taxes is the risk of getting caught and suffering the consequences of theft. In Italy the risk of getting caught is extremely low and even then the consequences are laughable so it is actually rational not to pay taxes… what’s surprising is the amount of people who still do so (granted, many of them have no choice in the matter).
The economy of Italy is a highly developed social market economy.[28] It is the third-largest national economy in the European Union, the second-largest manufacturing industry in Europe (7th-largest in the world),[29] the 9th-largest economy in the world by nominal GDP, and the 12th-largest by GDP (PPP). Italy is a founding member of the European Union, the Eurozone, the OECD, the G7 and the G20;[30] it is the eighth-largest exporter in the world, with $611 billion exported in 2021. Its closest trade ties are with the other countries of the European Union, with whom it conducts about 59% of its total trade. The largest trading partners, in order of market share in exports, are Germany (12.5%), France (10.3%), the United States (9%), Spain (5.2%), the United Kingdom (5.2%) and Switzerland (4.6%).[31] In the post-World War II period, Italy saw a transformation from an agricultural-based economy which had been severely affected by the consequences of the World Wars, into one of the world's most advanced nations,[32] and a leading country in world trade and exports. According to the Human Development Index, the country enjoys a very high standard of living. According to The Economist, Italy has the world's 8th highest quality of life.[33] Italy owns the world's third-largest gold reserve,[34] and is the third-largest net contributor to the budget of the European Union. Furthermore, the advanced country private wealth is one of the largest in the world.[35] In terms of private wealth, Italy ranks second, after Hong Kong, in private wealth to GDP ratio. Among OECD members, Italy has a highly efficient and strong social security system, which comprises roughly 24.4% of GDP.[5][36][4] Italy is the world's seventh-largest manufacturing country,[37] characterised by a smaller number of global multinational corporations than other economies of comparable size and many dynamic small and medium-sized enterprises, notoriously clustered in several industrial districts, which are the backbone of the Italian industry. Italy is a large manufacturer[38] and exporter[39] of a significant variety of products. Its products include machinery, vehicles, pharmaceuticals, furniture, food and clothing.[40] Italy has a significant trade surplus. The country is also well known for its influential and innovative business economic sector, an industrious and competitive agricultural sector (Italy is the world's largest wine producer),[41] and manufacturers of creatively designed, high-quality products: including automobiles, ships, home appliances, and designer clothing. Italy is the largest hub for luxury goods in Europe and the third luxury hub globally.[42][43] Italy has a strong cooperative sector, with the largest share of the population (4.5%) employed by a cooperative in the EU.[44]
"but will this last?"... No, unfortunately it won't last. The underlying problems have never been solved and will never be solved. The growth we have seen in the last 2 years is just statistical interference. As soon as conditions normalize, everything will go back to how it was before.
I like this. Can you look at other EU economies as well? This is interesting. Also compare all EU against UK - by major economic indicators. Even sectors, GDP growth etc.
Cronyism is rife across the UK as well, which forms part of the UK's dismal productive output and productivity growth, yet it's apparently the world's best kept secret as most are unwilling to acknowledge it. The best candidates are those who can produce the highest output at the highest standard with the lowest wage requirement, yet most companies in the UK don't base their hiring decisions on those parameters, this can be inferred in a number of ways, one of which is the UK's current productive output relative to its output potential and productivity growth. Other factors such as low investment also contribute to this reduced output and growth. Problems don't disappear simply because you're unwilling to acknowledge them.
Real GDP per capita in the UK has done reasonably well since 2010, outgrowing France, Italy, Canada and Japan. Only the USA and Germany have recorded fast growth amongst the G7.
After nigh on 20 years the Italian economy hasn't grown in real terms over that period ie since it joined the Euro. Statistics are, granted, sometimes simplistic snapshots or anomalous, but after 20 years if people don't make the connection and still call it coincidence then I'm a Dutchman.
Virtually everybody is aware of that. Are you aware of the downsides of using different currencies? How much trade is increased when the risks of currency rate changes is reduced? That companies reduce these risks by selling their products more expensively and/or buying stuff from Italy at a lower cost? The effect on the economy when everything you import like energy and raw materials gets increasingly expensive when you keep devaluating your currency? You can sell olives and movies ever more cheaply but not high-tech equipment. Italy had 20 years to get competitive without using the easy way of devaluation and they got nowhere. Now compare that to what Poland, Hungary and the Baltic states have done. Even all the established economies kept optimizing. All but one: Italy.
@@TheSandkastenverbot Well nobody seems to have told Poland or Hungary that because neither are in the single currency. Even given that somewhat academic consideration you can't compare the previously long under the Communist bloc underdeveloped Poland, Hungary and Baltic states with a relatively highly developed country like Italy. For those such countries, particularly with a highly educated, relatively cheap labour force the only way was up in the circumstances.
I'm working at a company that produces windows. Italy went nuts in the last 2 years. Co-financing from Italy's government at 110%. You could earn money by renovating half of your home. Crazy.
Europe's malaise, particularly energy intensive industrialised Germany's and Italy's, can be attributed DIRECTLY to the war in Ukraine. America had long said that it wishes to smash European dependency on cheap Russian energy and Ukraine gave it the ideal excuse to do so. Ultimately fatally confirmed by the US's blowing up of the NS2 pipeline with barely a murmur of complaint from Germany. More than ever, Europe is now directly or indirectly dependent on the US for its far more expensive energy supplies. Europe is, in effect, the prize turkey that voted for a bumper US Christmas in February 2022. This was further compounded by the US insisted upon economic sanctions that have seen Russia's economy forced to adjust and thrive, relatively speaking, whilst much of Europe's has continued to struggle.
I don't know about other countries, but Italy has zeroed out Russian gas and gets its supply from other sources, but not from the US, and then the price of gas already went back to pre-war levels last year. In fact, even less.
@@gerhard7323 idk if we pay It less now but i know that we made some agreements with algeria and other countries for energy. We got the sustainable energy too but obviously they don't do enough to Sustain the country
I problemi economici dell' Italia sono iniziati con l' entrata dell' Euro. Una politica economica è fondamentale per qualsiasi paese, inoltre bisogna avere anche un' autonomia politica cosa che è assente, ma questo è un' altra storia.
Quando non puoi prendertela con i malcostumi nazionali: evasione fiscale altissima, corruzione diffusa, organizzazioni criminali estese e potenti, sprechi inenarrabili, espressione di una classe politica corrotta ed incapace ecco che trovare la colpa nell’entrata nell’euro e’ rassicurante. Magari cominciare a mandare a Brusseles persone competenti che sappiano argomentare nelle varie commissioni sarebbe già un piccolo passo avanti e non solo essere li per la diaria. Poi va bene ritornare alla lira e con i problemi già detti sopra sai che ridere senza la protezione di una moneta forte come l’euro … e questo lo sa anche uno studente scarso al secondo anno di economia… comunque questi argomenti sono cari ai politici populisti che nel bene e nel male ci governano da un sacco di anni che stavano nel parlamento europeo senza mai andarci e ci andavano solo per criticare leggi europea alla cui discussione ed emanazione non avevano mai partecipato … un nome a caso MATTEO SALVINI ( per chi pensasse poi che io sono di sinistra comunico che nella prima repubblica votavo partito Repubblicano)
This rebound of the Italian economy is just short-lived phenomenon rather than a sustainable one. Recent growth was driven by government's tax credits and the resumption of tourism. However, the core of the economy- productivity hasn't been enhanced and such stagnation wouldn't make the Italian economy more prosperous any time soon. On top of that, population decline and government budget's deficit are anticipated to hinder the Italy's economic growth in the coming years.
I more or less agree. However Italy is experiencing an unprecedented political stability right now and this could lead to good results. The leading party has just received more votes in the EU elections than in the last national ones. In addition, Italy's budget deficit is caused by interests on public debt, rather than a negative primary balance. An inflation scenario should be beneficial in reducing it. And there are a few millions potential Italian citizens living in Argentina and Brazil.
I don't understand why the title of this video suggests that the Italian economy is ''worst performing'', compared to which economy? Italy is the 5th largest economy in the world, this title makes Italy's potential look bad, people often think that in Italy they are all farmers and that there is no electricity, well I can assure you that it is a globalized and technologically developed state. There are certainly many critical aspects within the country, but the opinion that foreign people have about Italy is often wrong, dictated by stereotypes and prejudices, you lack culture
Any ideas about the numbers of jobs lost in Italy (as well as other key countries) due to the massive relocated multinational companies abroad? Portugal, in the past 5 years, has been chosen to move all financial departments of tons on multinational companies, although their higher profit are also from Italy. It's absolutely unfair! Squeezed in lisbon, where rental prices are prohibited and house conditions so poorly ! Not mentioning miserable salary and cost of life skyrocket during the last few years!
Demographics Is Destiny Italy's core problem is a negligible average birth rate per woman for more than 50 years. This also applies to all European countries. Europe is in a Demographic Apocalypse. Politicians should have stepped in more than 50 years regarding the declining birth rate. The most important statistic of any country is the average age of a woman when her first child is born. This is the most accurate statistic for predicting how many children a woman will have. The negligence from politicians regarding the Demographic Apocalypse is beyond description. Has the threshold of no return been crossed when it is too late for the European population to recover? The threshold of no return is now.
@@jessynixx Having children is a matter of personal choice. However, that doesn't mean that we should ignore the impact that millions of individual decisions will have on the economy and structure of society. The very low fertility rate of countries like Italy is resulting in a shrinking population and contributing (along with increasing longevity) to an aging population. These trends look set to accelerate over the coming decades, and will have major implications for healthcare and pensions. Personally, I don't think that there is any real chance of increasing the fertility rate, so we need to plan for the consequences.
Italy's debt is right now at 134% of GDP, the Same level as in 2019, while easily outgrowing all G7 members, except slightly fractionally less than Canada, then the U.S. has grown the most. How is the Debt to Gdp of the other countries grown since 2019 by comparison??? Canada +17%, U.S.+18%, U.K.+13%, Japan +19%, France +13%, Germany +4% (and 0 growth). Additionally Australia +23%, S. Korea +14%, Spain +12%. SO Italy 0%(!)% debt since 2019, once again. Have Any of these countries come Anywhere Near growing their GDP more than Italy, by the amount of Debt they have added??? Italy has outgrown near all of them with No debt added at all versus all their Wild amounts of Debt. So what is it you were attempting to state??? 😂
È la verità l’Italia attualmente ha statistiche che non ha mai avuto! Pil pro capite pari a 40k, indice di sviluppo umano finalmente supera lo 0.900 arrivando a 0.906, un pil nominale di 2.2 trilioni, e il tasso di disoccupazione che si manteneva sempre al 10-9% ora è al 7.5%
Sei rimasto bloccato nella negatività degli ultimi decenni, l'Italia si sta riprendendo in maniera rapida e se non te ne sei accorto significa che il problema sei tu :D
Oppure Si deve riprendere perchè i Media Hanno bisogno di approvare/galvanizzare questo governo in maniera che in Europa possa partecipare alla costituzione della nuova maggioranza? Lo stato economico-politico-sociale dell'Italia è un fattore direttamente connesso alla cultura, non ha nulla a che fare con la politica. Viene da chiedermi: Ma voi sapete come vivono le persone in Italia? Ci siete mai stati? Avete mai avuto bisogno di un medico? Di un ospedale? Una TAC, una risonanza magnetica?Di un carabiniere, un avvocato? Avete mai perso dei documenti? Vi siete mai iscritti all'ufficio di collocamento? E non parlo di 10 anni fà, ma di oggi.
@@domenicodragone1123 non confondere l'economia e lo sviluppo con la burocrazia, e poi si purtroppo la mia famiglia ha avuto moltissime esperienze con la sanità italiana, che ci ha salvato letteralmente la vita
It’s probably just a simplification to account Italy issues to joining the euro. Productivity issues started in the mid 70ies; debt was made a problem in the 80ies with 10% annual deficits; the joining of the wto by china in 2001 and last but not least the 2008 financial crisis which was the real start of falling per capita income.
Italy needs an EU referendum yesterday. Stop mass immigration. Build nuclear. Cut spending. Put in a flat tax and eliminate income tax for ethnic Italian families that have more than two children.
So you stated at the end that, "Italians have remained relatively Unfazed by the stagnating economy and stagnating wages." You say that all the 'bad data' has been going on for well over 20-25 years. This conclusion of yours then that the populous is 'unfazed' by all this, makes Absolutely Zero sense whatsoever, right? Right. Yet your conclusion is 100% accurate, in actuality. That is because the 'official data' you show in your reprt is near totally inaccurate. The data Italy reports does not 'show' the Actual reality of things on the ground. Been that way for many decades at minimum. One really has to 'understand Italy' to know this. It's basically impossible for anyone outside of Italy to do this. Only Very 'tuned in' Italians know this either. In a very recent(couple months ago) study of happiness and quality of life and financial conditions in Italy, that is done every year, Italians scored the highest of any major country in Europe, and their highest score since 2009. Does that jibe with any of the 'data' at all? No, of course not, yet it is. That's my point. Btw, this stat is a 'wellness' stat geared entirely towards the very 'average person', less you think it is skewed by the 'rich', as many other's stats are. No, this stat compensates for that. So you can see the total disconnect between the data, and the actual well being of it's citizens. It's actually the exact opposite in most all other countries, data says everything is good and well, the reality of it's citizens says it is not. So there is an enormous difference in how the data 'reported' reflects the reality of it's citizenry. The data is good, but the average person isn't seeing it at all. The data is not so good, people are very well off. It's all about 'who' and 'what' is behind the numbers. So when you say Italy since 2019 is the fastest growing major economy in Europe, it translates into 'super fantastic,' because the way Italy calculates their data, Italy should never ever be leading in such a category. But still it is.
I agree with what you wrote, so many financial analysts agree that the 'official' data is somewhat inaccurate, they mostly fail to understand how a country with low salaries, but with private wealth among the highest in the world, and with debt among the lowest ever in the world, has such a huge public debt. The only solution to this phenomenon is that there is a parallel GDP, which is worth almost half of the 'official' GDP, and which escapes all research. I don't know if this is true or not, but the shadow economy is certainly much more than the EUR 200 billion.
@@AlFreeman-xy4jy Agree as well. As to the shadow economy, actually when you state that it could be near 50%, it is at Least that figure in truth. Of course I have never personally seen it written, though I have seen it put as high as 40%. Most say about half that, but they are only guessing as it much higher. In Italy is pretty common knowledge, but again not really 'formally written.' When it comes to GDP, whatever Italy reports is real economic product, many countries, and I mean many other of the top tier countries add things to their GDP that have really zero to do with production, or 'real economic growth.' Tons of 'financial' stuff, obviously to consistently inflate the figures. Much of this just boils down to marketing and political agenda. So the numbers do not give an accurate assesment, neither to the upside or downside depending on the country. Italy is rather unique compared to others this way, as the numbers are always 'naturally' suppressed, where others are intended to be inflated. Thus the Italian populous is 'well off' as a whole, which tends to make no sense simply by the 'data.' Some(many) Italians will complain about a whole host of things when discussing these things, but that is simply our nature regarding this, and it's really not true and all to be taken with a grain of salt. Political reasons, sympathy, etc., etc. Whatever their individual reason. I'm just being honest.
@alessandrof.6546 Your reply is the only nonsense. Poverty is diminishing, even though Italy already has very low poverty. The study I cited has all to do with overall happiness(quality of life) And "financial well being." So obviously you don't even know anything about what I'm citing, of course. People leaving the country is an absolute myth, as no more percentage of people leave Italy for other countries than basically any other country, and many other major countries have Far more people who leave 'for work', as you say, in reality, according to every credible statistic about this. Italy is about exactly Germany in terms of Emigration. The U.K., Switzerland, Netherlands, Belgium, Ireland, Greece, Poland, Australia, Canada, Hong Kong, Austria, and a 'million' other countries have much more % of their citizens leave for foreign countries, than Italy. This is undeniable Fact, as this is easy to calculate. You have no facts of course, and I live in Italy, and in the south.
As Angela Merkal said, Europe accounts for about 10% of the Worlds population, and about 25% of the Worlds GDP, and about 58% of the Worlds Welfare. This is unsustainable and will bring catastrophe in the end. Welfare is the driving force behind mass immigration into Europe from the poorest parts of the World. Welfare systems all across Europe needs to be cut dramatically or Countries will go bust
"58% of the world's welfare" doesn't make sense. You need to be specific about what you are using to quantify "welfare." China arguably has a greater portion of the world's welfare due to the higher population. Also, cutting welfare can incur economic costs in the long run. If you don't take care of your population, they will be less economically productive than they otherwise would be, thus produce less and lead to reduced GDP growth.
That's very dishonest. For all we know, 25% of the world's GDP could be $10 trillion and 58% of the world's welfare could be $100 billion. That is, none of those percentages necessarily relate to each other. At any rate, there's no dimensional commonality between GDP/welfare spending and population.
Beuroeucracy and chronic malfunction in the judiciary system is much more a problem then Corruption that actually is not much different from other EU members. Unless you account organized crime as "corruption". When beuroeucracy becomes a power instead of a service, you have to wrestle what is your right to obtain from them.
Perform soo good with borrow money given from PNRR and with all public money spent on 110% eco bonus for real estate .. not for an economic boom or whatelse..
E le esportazioni? Quarto esportatore mondiale prima del Giappone, che ha il doppio degli abitanti. Non ti è ancora passata, ti posso consigliare un ottimo psicologo.
I keep watching videos from foreigners about the "growing italian economy" but the real economy is a shithole here and there were no imprrovements since we joined the euro i have no idea what kind of smoke you economist are high of but, i want some.
Italy recent growth is based on debt, unfortunately money spent for nothing, as usual in Italy. Life expectancy is really bad with so many retired people, the economy is doomed without immigrants.
😂😂😂poveretto curati, hai dei problemi. L'aspettativa di vita in Italia è la seconda al mondo dopo il Giappone. Non ti e ancora passata, ti posso consigliare un ottimo psicologo.
😂😂😂😂, Italy growing ? Yeah and the youngsters leaving Italy on mass is a non existing statistic, the 600 million of EU funds lst in corruption just 1 month ago is another non existing fact rulled by EU courts...yeah keep peddalling crazyness
@@giulianoilfilosofo7927 Glad to hear your on the plus side. I'll take your word for it. I find it suprising because it's not meny years ago Italy asked and received billions from the countrys that are allways net contributors and not just some of them like Italy. Right now Finlands economy is going down like a rock. We all know Finland will receive no help from EU no matter how bad things get here. We will allways be net controbutors every year even if finnish people have nothing. But that is our politicians fault. They will let EU play them for ever. Our politicians have no brains or balls and they don't know how to get anything from EU while countrys like Italy use EU as a cash machine every time there is a bumb in their economy.
@@NaSaSh1087 Italy PIL PRO CAPITA is 32K against 18K of Poland, what are you on? And also you said Poland is much better than Italia so can you explain to me why 92000 Polands are here working? They could go back to their much better homeland 😂
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Do you know that German and Italian small to medium businesses that are directed towards export markets are usually competitors, in fact the Euro put the Italians at a very strong cost disadvantage compared to the German companies that got cheap energy from Russia. I think given how the economies are balanced, Germany losing a key advantage actually benefits Italy. As long as Italy is able to get the capital to invest, that is the main Achilles heel of the Italian economy.
Italian and German industrial production is mostly integrated. They produce parts for each other actually.
@@Tulkash01 I don't buy that, cause Italians had a lot of overlap on specialized industries in machinery, tractors, and a lot of very specific industrial products that aren't considered parts. You are probably talking about the auto industry, there are more types of goods than that. I know because I had to try to source machinery prices and suppliers and a lot of those were actually Italian companies
And after the Euro a lot of these specialized industries had a very rough time.
@@calexico66 the euro had positive and negative effects on Italian industries but again, most of Italian industrial production is integrated with Germany, cars but also precision mechanical components, green energy industries and much more.
@@Tulkash01 you must be confusing with Romania, Hungary and Czech republic, and I am talking about finished goods not components. Just buying components from here and there doesn't make it integrated.
Sure. Forget about corruption, cronyism, decades of constantly changing governments, the south being half a decade behind, disfunctional local administrations and low education levels. The "main Achilles' heel" is energy prices 😁
Current Italian growth was driven by a huge government program meant to help the renewal of old houses making them sustainable and in line with European parameters. It was called superecobonus 100% and it was meant as a stimulus package in purely Keynesian terms. Now it’s over and we’ll see how the economy adapts to that.
P.S.
Always keep in mind that a huge part of Italian economy falls outside official records.
Agree 100% of your opinion.
This analysis is totally off and doesn’t come close to reality.
It doesn't help that Italy is either the highest taxed or one of the highest taxed countries in the Eurozone, so it forces people to work in "black" to skirt paying taxes on that income. Also, with terrible mismanagement and bureaucracy being absolute hell, the people feel as if their money never comes back to them, especially when you look at the failing education system, the terrible roads, low police response time as well as the many hurdles of doing business.
@@rmmvw No one is "forced" to work "in nero" ("in the black" has a whole different meaning in english...) and the astronomical level of tax evasion correlates directly with the "failing public services" you talk about... btw, that is actually debatable, because the level of quality of anything in Italy depends on where you are in the Country. There are Italian highways that are better than German highways for example, the school system, while it got markedly worse in the last 25 years isn't terrible by european standards but again, there are excellent schools and teachers and there are extremely terrible ones. Police response time varies as well (the whole lot of them and there are quite a few). In general there are problems, because the system is easy to mismanage and often those who promise "efficency" are the first who try to profit from it. The legend that Italians don't pay taxes because they feel betrayed by the State is just that, a legend. Since the very founding of the Country back in 1861 Italy has had a problem with tax evasion, even when taxes were extremely low. The truth is there's a large percentage of the population who actively tries to avoid paying taxes for personal profit (around 30%) and they have their own parties that protect their material interests, making sure tax avoidance is not only tolerated but rewarded by lack of effective controls and countermeasures. There's a reason the parties in power suggest tax amnesty as their main and only solution to the problem of tax evasion.
@@Tulkash01 you're not wrong. I live near the northern Italian border and speak to Italians daily and this is the sentiment that I get from them, so maybe I have a skewed view of things but largely this is what I've heard consistently. I read something that they are trying to combat the high number of students failing out or not even participating in universities. Also with the lack of investment in industry and more into tourism, we can see what the government thinks of its people. Brain drain is a major issue in the country and they're doing very little to slow the rate down
@@rmmvw eh, I’m Italian and I know that “rationale” very well, it’s basically the excuse a lot of people use to justify tax evasion, usually preface with “of course tax evasion is wrong in principle, but we get nothing out of it, I would gladly pay if I had decent services”, (the Romans used to say “excusatio non petita, accusatio manifesta”, “unasked apology, explicit accusation”). In truth historically data proves Italy always had an high percentage of tax evasion no matter how low taxation was. Turns out the main thing about paying or not paying taxes is the risk of getting caught and suffering the consequences of theft. In Italy the risk of getting caught is extremely low and even then the consequences are laughable so it is actually rational not to pay taxes… what’s surprising is the amount of people who still do so (granted, many of them have no choice in the matter).
The economy of Italy is a highly developed social market economy.[28] It is the third-largest national economy in the European Union, the second-largest manufacturing industry in Europe (7th-largest in the world),[29] the 9th-largest economy in the world by nominal GDP, and the 12th-largest by GDP (PPP). Italy is a founding member of the European Union, the Eurozone, the OECD, the G7 and the G20;[30] it is the eighth-largest exporter in the world, with $611 billion exported in 2021. Its closest trade ties are with the other countries of the European Union, with whom it conducts about 59% of its total trade. The largest trading partners, in order of market share in exports, are Germany (12.5%), France (10.3%), the United States (9%), Spain (5.2%), the United Kingdom (5.2%) and Switzerland (4.6%).[31]
In the post-World War II period, Italy saw a transformation from an agricultural-based economy which had been severely affected by the consequences of the World Wars, into one of the world's most advanced nations,[32] and a leading country in world trade and exports. According to the Human Development Index, the country enjoys a very high standard of living. According to The Economist, Italy has the world's 8th highest quality of life.[33] Italy owns the world's third-largest gold reserve,[34] and is the third-largest net contributor to the budget of the European Union. Furthermore, the advanced country private wealth is one of the largest in the world.[35] In terms of private wealth, Italy ranks second, after Hong Kong, in private wealth to GDP ratio. Among OECD members, Italy has a highly efficient and strong social security system, which comprises roughly 24.4% of GDP.[5][36][4]
Italy is the world's seventh-largest manufacturing country,[37] characterised by a smaller number of global multinational corporations than other economies of comparable size and many dynamic small and medium-sized enterprises, notoriously clustered in several industrial districts, which are the backbone of the Italian industry. Italy is a large manufacturer[38] and exporter[39] of a significant variety of products. Its products include machinery, vehicles, pharmaceuticals, furniture, food and clothing.[40] Italy has a significant trade surplus. The country is also well known for its influential and innovative business economic sector, an industrious and competitive agricultural sector (Italy is the world's largest wine producer),[41] and manufacturers of creatively designed, high-quality products: including automobiles, ships, home appliances, and designer clothing. Italy is the largest hub for luxury goods in Europe and the third luxury hub globally.[42][43] Italy has a strong cooperative sector, with the largest share of the population (4.5%) employed by a cooperative in the EU.[44]
just to say, the amphitheater at the beginning of the video is not in Italy, is in Nimes.
fatto dai romani 2000 anni fa quando britanni e galli vivevano sulle palafitte
E i Teutonici nelle foreste per terra 😂
It's still Italian though
Built by Italians,
Colonia Nemausus*
Fuck, that build up in the end with the guitar solo and the final verses. Great job!
Yes the song is amazing…🤔
"but will this last?"... No, unfortunately it won't last. The underlying problems have never been solved and will never be solved. The growth we have seen in the last 2 years is just statistical interference. As soon as conditions normalize, everything will go back to how it was before.
Parole al vento senza nessuno dato reale. Vai dallo psicologo, non stai bene. Non ti passa😂
I like this. Can you look at other EU economies as well? This is interesting. Also compare all EU against UK - by major economic indicators. Even sectors, GDP growth etc.
Uk rasist
Cronyism is rife across the UK as well, which forms part of the UK's dismal productive output and productivity growth, yet it's apparently the world's best kept secret as most are unwilling to acknowledge it. The best candidates are those who can produce the highest output at the highest standard with the lowest wage requirement, yet most companies in the UK don't base their hiring decisions on those parameters, this can be inferred in a number of ways, one of which is the UK's current productive output relative to its output potential and productivity growth. Other factors such as low investment also contribute to this reduced output and growth.
Problems don't disappear simply because you're unwilling to acknowledge them.
Real GDP per capita in the UK has done reasonably well since 2010, outgrowing France, Italy, Canada and Japan. Only the USA and Germany have recorded fast growth amongst the G7.
After nigh on 20 years the Italian economy hasn't grown in real terms over that period ie since it joined the Euro.
Statistics are, granted, sometimes simplistic snapshots or anomalous, but after 20 years if people don't make the connection and still call it coincidence then I'm a Dutchman.
Virtually everybody is aware of that. Are you aware of the downsides of using different currencies? How much trade is increased when the risks of currency rate changes is reduced? That companies reduce these risks by selling their products more expensively and/or buying stuff from Italy at a lower cost? The effect on the economy when everything you import like energy and raw materials gets increasingly expensive when you keep devaluating your currency? You can sell olives and movies ever more cheaply but not high-tech equipment.
Italy had 20 years to get competitive without using the easy way of devaluation and they got nowhere. Now compare that to what Poland, Hungary and the Baltic states have done. Even all the established economies kept optimizing. All but one: Italy.
@@TheSandkastenverbot Well nobody seems to have told Poland or Hungary that because neither are in the single currency.
Even given that somewhat academic consideration you can't compare the previously long under the Communist bloc underdeveloped Poland, Hungary and Baltic states with a relatively highly developed country like Italy.
For those such countries, particularly with a highly educated, relatively cheap labour force the only way was up in the circumstances.
I'm working at a company that produces windows. Italy went nuts in the last 2 years. Co-financing from Italy's government at 110%. You could earn money by renovating half of your home. Crazy.
Europe's malaise, particularly energy intensive industrialised Germany's and Italy's, can be attributed DIRECTLY to the war in Ukraine.
America had long said that it wishes to smash European dependency on cheap Russian energy and Ukraine gave it the ideal excuse to do so.
Ultimately fatally confirmed by the US's blowing up of the NS2 pipeline with barely a murmur of complaint from Germany.
More than ever, Europe is now directly or indirectly dependent on the US for its far more expensive energy supplies.
Europe is, in effect, the prize turkey that voted for a bumper US Christmas in February 2022.
This was further compounded by the US insisted upon economic sanctions that have seen Russia's economy forced to adjust and thrive, relatively speaking, whilst much of Europe's has continued to struggle.
I don't know about other countries, but Italy has zeroed out Russian gas and gets its supply from other sources, but not from the US, and then the price of gas already went back to pre-war levels last year. In fact, even less.
@@AlFreeman-xy4jy So you're now paying less for gas in Italy than you were before the Ukraine conflict?
@@gerhard7323 idk if we pay It less now but i know that we made some agreements with algeria and other countries for energy. We got the sustainable energy too but obviously they don't do enough to Sustain the country
I problemi economici dell' Italia sono iniziati con l' entrata dell' Euro. Una politica economica è fondamentale per qualsiasi paese, inoltre bisogna avere anche un' autonomia politica cosa che è assente, ma questo è un' altra storia.
Quando non puoi prendertela con i malcostumi nazionali: evasione fiscale altissima, corruzione diffusa, organizzazioni criminali estese e potenti, sprechi inenarrabili, espressione di una classe politica corrotta ed incapace ecco che trovare la colpa nell’entrata nell’euro e’ rassicurante. Magari cominciare a mandare a Brusseles persone competenti che sappiano argomentare nelle varie commissioni sarebbe già un piccolo passo avanti e non solo essere li per la diaria. Poi va bene ritornare alla lira e con i problemi già detti sopra sai che ridere senza la protezione di una moneta forte come l’euro … e questo lo sa anche uno studente scarso al secondo anno di economia… comunque questi argomenti sono cari ai politici populisti che nel bene e nel male ci governano da un sacco di anni che stavano nel parlamento europeo senza mai andarci e ci andavano solo per criticare leggi europea alla cui discussione ed emanazione non avevano mai partecipato … un nome a caso MATTEO SALVINI ( per chi pensasse poi che io sono di sinistra comunico che nella prima repubblica votavo partito Repubblicano)
Ma assolutamente no, precedono l'euro senza dubbi, non prendiamoci in giro per cortesia
Un altro genio che non capisce niente di economia ma te la faccio semplice, esci dall'Europa e fai la fine degli U.K.
The problems started when you first voted for Berlusconi and kept going on.
@@barbthegreat586😂 never heard of Andreotti and craxi? We never had a single goverment that was at least a decent one. Always shit in our goverment.
This rebound of the Italian economy is just short-lived phenomenon rather than a sustainable one. Recent growth was driven by government's tax credits and the resumption of tourism. However, the core of the economy- productivity hasn't been enhanced and such stagnation wouldn't make the Italian economy more prosperous any time soon. On top of that, population decline and government budget's deficit are anticipated to hinder the Italy's economic growth in the coming years.
I more or less agree. However Italy is experiencing an unprecedented political stability right now and this could lead to good results. The leading party has just received more votes in the EU elections than in the last national ones. In addition, Italy's budget deficit is caused by interests on public debt, rather than a negative primary balance. An inflation scenario should be beneficial in reducing it. And there are a few millions potential Italian citizens living in Argentina and Brazil.
E le esportazioni non le vedi, siamo il quarto esportatore mondiale, davanti al Giappone che ha il doppio degli abitanti.
can you pls elaborate on what the interconnection btw german economy and italian economy is especially in the manufacturing sector?
l'Italia e molto più resiliente. Le esportazioni vanno bene nonostante il nostro cliente maggiore sia in crisi.
@@panterone1769 Esattamente.
I don't understand why the title of this video suggests that the Italian economy is ''worst performing'', compared to which economy? Italy is the 5th largest economy in the world, this title makes Italy's potential look bad, people often think that in Italy they are all farmers and that there is no electricity, well I can assure you that it is a globalized and technologically developed state. There are certainly many critical aspects within the country, but the opinion that foreign people have about Italy is often wrong, dictated by stereotypes and prejudices, you lack culture
Any ideas about the numbers of jobs lost in Italy (as well as other key countries) due to the massive relocated multinational companies abroad? Portugal, in the past 5 years, has been chosen to move all financial departments of tons on multinational companies, although their higher profit are also from Italy. It's absolutely unfair! Squeezed in lisbon, where rental prices are prohibited and house conditions so poorly ! Not mentioning miserable salary and cost of life skyrocket during the last few years!
STRANGE THAT ITALY, RUSSIA, HUNGARY AND INDIA HAVE STRONG ECONOMIC GROWTH. WHY? ALL THESE FOUR HAVE RIGHT-WING GOVERNMENTS.
they have space to growth!!bdp per vapita are considerably lower then from other west EU countries
Demographics Is Destiny
Italy's core problem is a negligible average birth rate per woman for more than 50 years.
This also applies to all European countries.
Europe is in a Demographic Apocalypse.
Politicians should have stepped in more than 50 years regarding the declining birth rate.
The most important statistic of any country is the average age of a woman when her first child is born.
This is the most accurate statistic for predicting how many children a woman will have.
The negligence from politicians regarding the Demographic Apocalypse is beyond description.
Has the threshold of no return been crossed when it is too late for the European population to recover?
The threshold of no return is now.
So is America for that matter. The only thing that's keeping you alive is the Mexicans :)
Politician can't do much about the demographic transition. Tax breaks and childcare subsidies will have little affect.
I am a childfree woman and I am very proud of my country's (Italy) birthrates ❤
@@jessynixx Having children is a matter of personal choice. However, that doesn't mean that we should ignore the impact that millions of individual decisions will have on the economy and structure of society. The very low fertility rate of countries like Italy is resulting in a shrinking population and contributing (along with increasing longevity) to an aging population. These trends look set to accelerate over the coming decades, and will have major implications for healthcare and pensions. Personally, I don't think that there is any real chance of increasing the fertility rate, so we need to plan for the consequences.
@@jessynixxare u proud that your society will disapear?
Nice clickbait
Italy has used more than 55% government spending 7-8% deficit and yet obtained less than 1% growth .
Italy's debt is right now at 134% of GDP, the Same level as in 2019, while easily outgrowing all G7 members, except slightly fractionally less than Canada, then the U.S. has grown the most. How is the Debt to Gdp of the other countries grown since 2019 by comparison??? Canada +17%, U.S.+18%, U.K.+13%, Japan +19%, France +13%, Germany +4% (and 0 growth). Additionally Australia +23%, S. Korea +14%, Spain +12%. SO Italy 0%(!)% debt since 2019, once again. Have Any of these countries come Anywhere Near growing their GDP more than Italy, by the amount of Debt they have added??? Italy has outgrown near all of them with No debt added at all versus all their Wild amounts of Debt. So what is it you were attempting to state??? 😂
Ma che Film avete visto?
È la verità l’Italia attualmente ha statistiche che non ha mai avuto! Pil pro capite pari a 40k, indice di sviluppo umano finalmente supera lo 0.900 arrivando a 0.906, un pil nominale di 2.2 trilioni, e il tasso di disoccupazione che si manteneva sempre al 10-9% ora è al 7.5%
Sei rimasto bloccato nella negatività degli ultimi decenni, l'Italia si sta riprendendo in maniera rapida e se non te ne sei accorto significa che il problema sei tu :D
Oppure Si deve riprendere perchè i Media Hanno bisogno di approvare/galvanizzare questo governo in maniera che in Europa possa partecipare alla costituzione della nuova maggioranza?
Lo stato economico-politico-sociale dell'Italia è un fattore direttamente connesso alla cultura, non ha nulla a che fare con la politica. Viene da chiedermi: Ma voi sapete come vivono le persone in Italia? Ci siete mai stati? Avete mai avuto bisogno di un medico? Di un ospedale? Una TAC, una risonanza magnetica?Di un carabiniere, un avvocato? Avete mai perso dei documenti? Vi siete mai iscritti all'ufficio di collocamento?
E non parlo di 10 anni fà, ma di oggi.
@@domenicodragone1123 non confondere l'economia e lo sviluppo con la burocrazia, e poi si purtroppo la mia famiglia ha avuto moltissime esperienze con la sanità italiana, che ci ha salvato letteralmente la vita
@@domenicodragone1123 parli come se l'italia fosse un paese del terzo mondo, ma per fortuna i dati sono contro la tua ignoranza e ti smentiscono!
It’s probably just a simplification to account Italy issues to joining the euro. Productivity issues started in the mid 70ies; debt was made a problem in the 80ies with 10% annual deficits; the joining of the wto by china in 2001 and last but not least the 2008 financial crisis which was the real start of falling per capita income.
Italians always find a way. Italy needs to leave the euro
We are happy with euro, thanks.
@@zedtrek be happy with a decline then.
Italy needs an EU referendum yesterday. Stop mass immigration. Build nuclear. Cut spending. Put in a flat tax and eliminate income tax for ethnic Italian families that have more than two children.
Leave EU and end up like the UK? Dude, don't be delusional.
So you stated at the end that, "Italians have remained relatively Unfazed by the stagnating economy and stagnating wages." You say that all the 'bad data' has been going on for well over 20-25 years. This conclusion of yours then that the populous is 'unfazed' by all this, makes Absolutely Zero sense whatsoever, right? Right. Yet your conclusion is 100% accurate, in actuality. That is because the 'official data' you show in your reprt is near totally inaccurate. The data Italy reports does not 'show' the Actual reality of things on the ground. Been that way for many decades at minimum. One really has to 'understand Italy' to know this. It's basically impossible for anyone outside of Italy to do this. Only Very 'tuned in' Italians know this either. In a very recent(couple months ago) study of happiness and quality of life and financial conditions in Italy, that is done every year, Italians scored the highest of any major country in Europe, and their highest score since 2009. Does that jibe with any of the 'data' at all? No, of course not, yet it is. That's my point. Btw, this stat is a 'wellness' stat geared entirely towards the very 'average person', less you think it is skewed by the 'rich', as many other's stats are. No, this stat compensates for that. So you can see the total disconnect between the data, and the actual well being of it's citizens. It's actually the exact opposite in most all other countries, data says everything is good and well, the reality of it's citizens says it is not. So there is an enormous difference in how the data 'reported' reflects the reality of it's citizenry. The data is good, but the average person isn't seeing it at all. The data is not so good, people are very well off. It's all about 'who' and 'what' is behind the numbers. So when you say Italy since 2019 is the fastest growing major economy in Europe, it translates into 'super fantastic,' because the way Italy calculates their data, Italy should never ever be leading in such a category. But still it is.
I agree with what you wrote, so many financial analysts agree that the 'official' data is somewhat inaccurate, they mostly fail to understand how a country with low salaries, but with private wealth among the highest in the world, and with debt among the lowest ever in the world, has such a huge public debt. The only solution to this phenomenon is that there is a parallel GDP, which is worth almost half of the 'official' GDP, and which escapes all research. I don't know if this is true or not, but the shadow economy is certainly much more than the EUR 200 billion.
@@AlFreeman-xy4jy Agree as well. As to the shadow economy, actually when you state that it could be near 50%, it is at Least that figure in truth. Of course I have never personally seen it written, though I have seen it put as high as 40%. Most say about half that, but they are only guessing as it much higher. In Italy is pretty common knowledge, but again not really 'formally written.' When it comes to GDP, whatever Italy reports is real economic product, many countries, and I mean many other of the top tier countries add things to their GDP that have really zero to do with production, or 'real economic growth.' Tons of 'financial' stuff, obviously to consistently inflate the figures. Much of this just boils down to marketing and political agenda. So the numbers do not give an accurate assesment, neither to the upside or downside depending on the country. Italy is rather unique compared to others this way, as the numbers are always 'naturally' suppressed, where others are intended to be inflated. Thus the Italian populous is 'well off' as a whole, which tends to make no sense simply by the 'data.' Some(many) Italians will complain about a whole host of things when discussing these things, but that is simply our nature regarding this, and it's really not true and all to be taken with a grain of salt. Political reasons, sympathy, etc., etc. Whatever their individual reason. I'm just being honest.
@alessandrof.6546 Your reply is the only nonsense. Poverty is diminishing, even though Italy already has very low poverty. The study I cited has all to do with overall happiness(quality of life) And "financial well being." So obviously you don't even know anything about what I'm citing, of course. People leaving the country is an absolute myth, as no more percentage of people leave Italy for other countries than basically any other country, and many other major countries have Far more people who leave 'for work', as you say, in reality, according to every credible statistic about this. Italy is about exactly Germany in terms of Emigration. The U.K., Switzerland, Netherlands, Belgium, Ireland, Greece, Poland, Australia, Canada, Hong Kong, Austria, and a 'million' other countries have much more % of their citizens leave for foreign countries, than Italy. This is undeniable Fact, as this is easy to calculate. You have no facts of course, and I live in Italy, and in the south.
As Angela Merkal said, Europe accounts for about 10% of the Worlds population, and about 25% of the Worlds GDP, and about 58% of the Worlds Welfare. This is unsustainable and will bring catastrophe in the end. Welfare is the driving force behind mass immigration into Europe from the poorest parts of the World. Welfare systems all across Europe needs to be cut dramatically or Countries will go bust
"58% of the world's welfare" doesn't make sense. You need to be specific about what you are using to quantify "welfare." China arguably has a greater portion of the world's welfare due to the higher population. Also, cutting welfare can incur economic costs in the long run. If you don't take care of your population, they will be less economically productive than they otherwise would be, thus produce less and lead to reduced GDP growth.
@@AdamNoizerChina doesn't have welfare
The vast majority of immigrants don't claim welfare though. Only asylum seekers
Chinese welfare 😂... Working for peanuts to live in a box sized home. Please...No such thing exists.
That's very dishonest. For all we know, 25% of the world's GDP could be $10 trillion and 58% of the world's welfare could be $100 billion.
That is, none of those percentages necessarily relate to each other. At any rate, there's no dimensional commonality between GDP/welfare spending and population.
Italy has only one problem. The south of the boot
The lady PM is the faithful servant of the country
Beuroeucracy and chronic malfunction in the judiciary system is much more a problem then Corruption that actually is not much different from other EU members. Unless you account organized crime as "corruption".
When beuroeucracy becomes a power instead of a service, you have to wrestle what is your right to obtain from them.
intreting but ....need to follow .....they have very slow productivity ( old mind) etc
Cool and all, But the growth is nothing more than an anomaly. Italy is destined to relative decline along with most of europe.
All these numbers are fake, or at least, they have no meaning
Perform soo good with borrow money given from PNRR and with all public money spent on 110% eco bonus for real estate .. not for an economic boom or whatelse..
E le esportazioni? Quarto esportatore mondiale prima del Giappone, che ha il doppio degli abitanti. Non ti è ancora passata, ti posso consigliare un ottimo psicologo.
Do you really believe the economic data our government gives??....😂😂
Li fornisce l'ISTAT, ignorante.
I keep watching videos from foreigners about the "growing italian economy" but the real economy is a shithole here and there were no imprrovements since we joined the euro i have no idea what kind of smoke you economist are high of but, i want some.
Rosichi, non stai bene, curati
Italy recent growth is based on debt, unfortunately money spent for nothing, as usual in Italy. Life expectancy is really bad with so many retired people, the economy is doomed without immigrants.
😂😂😂poveretto curati, hai dei problemi. L'aspettativa di vita in Italia è la seconda al mondo dopo il Giappone. Non ti e ancora passata, ti posso consigliare un ottimo psicologo.
Italy actually has one of the highest life expectancies in the world.
Still and ever one the less worse place in the world to live in. Try....
Hai dei problemi, curati e viaggia.
@@panterone1769 sono lieto e ho viaggiato molto amico mio
No, India is the fastest
😂😂😂😂, Italy growing ? Yeah and the youngsters leaving Italy on mass is a non existing statistic, the 600 million of EU funds lst in corruption just 1 month ago is another non existing fact rulled by EU courts...yeah keep peddalling crazyness
Italy is a hole. I left for USA
Curati, hai dei problemi. Non ti è ancora passata, ti posso consigliare un buon psicologo.
How can unemployment be that high? Could it be because citizens are paid for doing literally nothing?
It seems you are talking about UK...
what?
In the beginning when it was told how much money we give to Italy I wanted to scream
😂 who is the "we" you talk about? And why should we not have money from the Eu etc? Are you german?
Italy Is a net contributor to the EU budget, in spite of the COVID fund, so shut up
@@giulianoilfilosofo7927 Glad to hear your on the plus side. I'll take your word for it. I find it suprising because it's not meny years ago Italy asked and received billions from the countrys that are allways net contributors and not just some of them like Italy.
Right now Finlands economy is going down like a rock. We all know Finland will receive no help from EU no matter how bad things get here. We will allways be net controbutors every year even if finnish people have nothing. But that is our politicians fault. They will let EU play them for ever. Our politicians have no brains or balls and they don't know how to get anything from EU while countrys like Italy use EU as a cash machine every time there is a bumb in their economy.
Poland is much better than Italia (io parlo Italiano) . Poland will be better in +10 years than UK aleluja amen .....
🤣🤣🤣🤣🤣 nah you can't be serious
@@froukkimomo9818polish economy did grow well under their previous government.
@@NaSaSh1087 Italy PIL PRO CAPITA is 32K against 18K of Poland, what are you on? And also you said Poland is much better than Italia so can you explain to me why 92000 Polands are here working? They could go back to their much better homeland 😂
@@NaSaSh1087 oh sorry, it is not you who said Poland is much better than Italy, you have the same profile pic colour.
@@froukkimomo9818 no that’s not me. And yeah italy is more developed but the polish growth story is impressive nonetheless.
Nonsense everything
Italy what???? What do you smoke?