Progress on the Legislative Level

By David Coppola and Giorgio Sacerdoti , respectively collaborator of the Department of Legal Studies and Senior Adjunct Professor of international law at Bocconi The international economic depression , the euro crisis and the lack of liquidity in the financial markets have characterized the recent global economic landscape, yet it seems that in recent months the situation has slightly improved and encouraging signs coming from international economic organizations.
Even if this scenario is manifested globally, Italy, after years of falling economic parameters is faltering more than the others in the recovery effort . Corruption , high rates of unemployment tied to the rigidity of the labor market, stifling bureaucracy, slow civil and commercial justice and the difficulty in attracting foreign investment make it especially hard to get out of the crisis. In particular, according to the latest statistical surveys , the major foreign economic actors have moved away from the Italian market. This is evident from recent OECD report , in which Italy appears to 78th place for its ability to attract capital inflows from abroad. For most of 2013 , according to these data , it did not start well at all on a global level: in the second quarter (April- June) international foreign investment fell by 28%, reaching 256 billion dollars and almost half were employed in Britain, China and the United States while the rest went to countries that show particular dynamism, like the BRICS countries other than China, which alone now accounts for 20% of world GDP and about 16% of international trade. While some of the problems highlighted above have ignited political debate and various scenarios are dependent on the identification of new measures to spur an effective recovery and make the resources and know-how possessed by our country more attractive, it seems that something has moved and is moving , both from the economic point of view and from a regulatory standpoint . If it is true, indeed, that in the international panorama Italy has been a particularly complex market for the reasons mentioned above, something positive has happened in terms of legislation. In particular, the Italian decree Destinazione Italia, recently made into Law 9/2014, contains a number of diverse provisions which have in common, however, the stated purpose of attracting foreign investments in Italy.

Specifically, the provision of Article 10 confers jurisdiction mandatory for disputes where a foreign corporation is a party , with specialized divisions of the commercial court of nine Italian cities . These and many other measures , including the divestiture of public enterprises and the low value of market capitalization of listed companies, make it extremely convenient to invest in our country, even with the prospect of a new phase of growth and political and economic stability. A further innovation, again contained in the decree aimed at making foreign investment affordable and easier by eliminating unnecessary barriers and slimming procedures, is represented by the provision of art . 5 , paragraph 7. In it are included forms of facilitation in processing applications for visas and residence permits related to investment initiatives to be implemented by Italian businesses, universities, research institutions both public and private.
The state, wishing a revival at the international level, sees as the driving force of the recovery the entry of foreign capital that could make liquidity circulate and jump-start our economy. The conditions, given the legislation introduced, are all there. All that remains is to wait until something begins to move and that " ... enslaved Italy, sorrowful place, storm-tossed ship without a captain, not respectable lady but a bordello", will return to play a leading role among the great powers .