Quo Vadis, 2015
World Economy and Institutions at a Crossroads

This study addresses the two major challenges facing the global economy: globalization and the European structural crisis. In addition, it takes a closer look at the impact of this on the Italian economy. The findings reflect on the issue of long term growth and suggest ways in which to create sustainable financial conditions for the future.

PART I: WILL THE 21ST CENTURY BE THE END OF WESTERN LEADERSHIP AND POWER? WHAT WILL THE NEW WORLD AND NEW GOVERNANCE BE LIKE? 1. Views from International Institutions 1.1. Global Economy Outlook and Risks; Emilio Rossi 1.2. Long Term Growth of the Global Economy; Paul Van den Noord 1.3. The Success of Emerging and Developing Economies: Faster Growth in the Next Decades but it's a Very Bumpy Road; Carlo Cottarelli 1.4. Capital for the Future: Saving and Investment in an Interdependent World; Maurizio Bussolo 1.5. An Initial Summary; Mario Baldassarri 2. Area Visions 2.1. Why is the US not Growing as Expected and Needed and hat are its Prospects for the Future?; Dominick Salvatore 2.2. A Few Reflections on the World Economy as we Look into the Relationship between Emerging and Advanced Countries; Michele Bagella 2.3. The Rise of the RMB and its Implications for the International Monetary System; Gao Haihong 2.4. The Two-headed Russian Eagle: One Head Will Continue Facing the West and the Euro-Atlantic area; Elena Ananieva 2.5. Russia, Europe and the World: a View from an Entrepreneur; Valery A. Fadeev 2.6. Egypt: Can the Economy Survive the Political Turmoil?; Samir Radwan 2.7. Europe's Need for a Common Mediterranean Area for Growth and Peace; Gavri Bargil 2.8. Morocco and the Maghreb Region: Europe is the Number One Priority, but what will Europe be like in the Future?; Hassan Abouyoub 2.9. Europe: Who Bears the Burden of Adjustment? So Far, Only Deficit Countries do. Is this Working?; Paulo Guerrieri PART II: IS EUROPE OVER OR WILL EUROPE BE THE U.S.E.? 3. European Overviews 3.1. European Economy Forecasts; John Walker 3.2. The Euro Crisis: Two Institutional Reforms; Giorgio Basevi 3.3. The Role and Potentiality of EIB, but Feasible Projects are Lacking; Fulceri Bruni Roccia 3.4. Europe Faces a Crisis. It is True; However, Europe is a Community of Values and the EU is the World's Biggest Peace Project; Katja Plate 4. Area Visions in Europe and for Europe 4.1. The Lack of Coordination, Malfunctioning of Markets, Problems in the Public Sector: the Sources of Very Strong Divergencies; Stefano Manzocchi 4.2. Five Issues in the European Energy Scenario; Carlo Andrea Bollino 4.3. Financial Markets and the Geo-strategic Landscape; Fabio Basagni 4.4. European Health Systems in Light of the Economic and Financial Crisis; Paolo De Santis PART III: WHERE WILL THE ITALIAN HORNET FLY TO? ON OR OFF? 5. Forecasts and Overviews 5.1. Medium and Long-term Forecasts for Italy; Mario Baldassarri 5.2 - From Nations to Europe, From Europe to Nations: a Two-way Road to Structural Reforms; Marco Magnani 5.3. What Should a Relatively Small Regional Economy do to Face a Changing World?; Filippo L.Calciano 6. Analysis, Visions, Proposals 6.1. Italian Structural Problems Pushing Growth to Zero or Less; Giorgio Di Giorgio 6.2. When the Crisis is Over, the Italian Economy and Society Will Appear in a Post-war Scenario; Nicola Rossi 6.3. If You Are Not at the Table, You Will be on the Menu; Gustavo Piga 6.4. Dominant Labor Policy and Dominant Labor Movement Leaders in Italy; Pietro Ichino 6.5. Economic Growth is Urgent, but Attention to the Institutional and Legal Framework is Even More Urgent; Serena Sileoni 6.6. Introduction to Angel Investing; Tomaso Marzotto Caotorta

Hassan Abouyoub, Kingdom of Morocco, Italy Elena V. Ananieva, Institute of Europe Michele Bagella, University of Rome 'Tor Vergata', Italy Mario Baldassarri, Centro Studi Economia Reale, Rome, Italy Gavri Bargil, Kibbutz Movement Fabio Basgani, Actinvest Giorgio Basevi, University of Bologna, Italy Carlo Andrea Bollino, University of Perugia, Italy Fulceri Bruni Roccia, European Investment Bank Maurizio Bussolo, World Bank, Washington, DC., USA Fillippo L. Calciano, University of Rome, Italy Carlo Cottarelli, International Monetary Fund Paolo De Santis, McKinsey and Company Giorgio Di Giorgio, LUISS University, Italy Valeriy A. Fadeev, Expert Group Gao Haihong, Institute of World Economics and Politics (IWEP) Paolo Guerrieri, University of Rome 'La Sapienza', Italy Pietro Ichino, University of Milan, Italy. Marco Magnani, Bank of Italy Steffacno Manzocchi, LUISS University, Director, Italy Tomaso Marzotto Caotorta, IBAN (Italian Business Angels Network) Roberto Mazzotta, Luigi Sturzo Institute, Italy Gustavo Piga, Università degli studi di Roma Tor Vergata, Italy Katja Christina Plate, Italian representation of the Konrad Adenauer Foundation, Italy Samir Radwan Emilio Rossi, Oxford Economics Nicola Rossi, Università degli studi di Roma 'Tor Vergata', Italy Dominick Salvatore, Fordham University, USA Sara Sileoni Istituto Bruno Leoni Paul Van Den Noord OECD John Walker, Oxford Economics