 There is a key word around which we have been constructing our political vision and also our daily activity. Such a word is people. Italian people have been very patient and disciplined for many years. They had trusted Italian- European political in teknike istitutičnih. For years, they embraced the economic, the key economic beliefs produced by the so-called liberal democratic order, integration into the global market, free movement of people and capital, fiscal frugality, unchecked adoption of new technologies, and obtained global finance. They have believed the euro to be able to solve all the chronical problems, inflation, weak currency, public debt. They enthusiastically adopted the new currency. Reality turned out to be very different instead. Priced for a stable currency and low inflation has been a growing public debt, despite a continuous belt tightening in order to keep primary expenditure constantly below tax revenues. Fiscal frugality hold back GDP growth. GDP in the third quarter of 2018 is still 5 percentage points below the peak in the first quarter of 2008. Open global markets, free movement of capital, as well as the technological revolution did generate a large payoff as promised. But just for the few, not for the many. Thus, enthusiasm about the future has given way to a gloomier view. A sense of despair has been spreading. Even the middle class, used to feel itself free from basic economic needs, now feels poverty. Everyone, with a few exceptions, wants to perceive that tomorrow will be worse than today. Those who can do encourage their kids to live and look for better opportunities elsewhere. History teaches us that anything can happen when people feel deceived, unfairly treated. Despite this danger, my fellow Italian citizens have proved to be very mature and deeply attached to their democratic institutions. They have not taken the streets or actively violently to express their discontent and their rage. Rather, they have used democratic elections to dismiss the old elites and to support those who were suggesting alternative ways to resume the path toward prosperity. My government is the institutional answer to the desire of the Italian people of finding a new way forward. My duty and my priority as a prime minister is to preserve this precious endowment of trust by giving an immediate relief to the most urgent needs of my people. Only by keeping on addressing the needs of my citizens will I be able to count on their trust to face the long-run problems that have been holding us back for so long. I regard this as a key political issue. For too many years, Italian and European politicians have got this sequence wrong, giving priority to the use of trust rather than to its preservation. In the past, they have asked people to make sacrifice in the name of a sparkling future. They have dismantled labor market regulation in the name of more and better jobs. They have allowed a retreat of the state as direct producer of goods and services allegedly in the exchange for better quality of services, lower prices and higher customer satisfaction. In the feeling state failure, they have asked people to tolerate market failures. Care of long-run interest has been displaced by addiction to short-termism. People have already paid the brunt of these changes while the benefits are yet to come. Citizens are now aware that all these changes, they have been enduring, have resulted in a much worse society in terms of opportunities, income distribution, social justice, welfare conditions, job security, growth perspective from them and their children. We need to provide an answer to all this. It will not be easy and it will not be easy and it will not happen tomorrow. However, while we design and implement solutions, we also need to bring relief. The two measures contained in our budget law, citizen income and the flexible retirement age will give immediate answers to our country's most urgent needs. Citizen income provides support for 1.7 million poor families, 5 million people. This is in exchange for the availability to work or to acquire the skills needed. Citizens have the incentive to offer a job to people in role in the program because they will enjoy a cut in the social security contributions. While the program is oriented to poor people, it provides at the same time an implicit insurance for working class families vulnerable in the technical shocks due to their fragile financial situation. Few misconceptions need to be clarified about the new rules applied to retirement age. This measure represents a remedial solution for many people who have suddenly been told that their retirement age was postponed by many years. We believe this is a serious violation of the social contract, which needs to be amended. I also wish to reassure about the long-run sustainability of our pension system. It will remain fully sustainable because those who choose to retire earlier will end up getting lower amount and also because the reform only applies for three years. Let me also remind you that those choosing to retire earlier leave posts available for the youth. In the public sector this could enable both a much needed regeneration of the staff and a significant productivity increase. We have been able to find a way to start this program despite the tight conditions of our public finances. We were very proud of this. These are highly important interventions urgently required to heal our severe social wounds. However, they can hardly provide the solution to the deep root problems of our society, which is perceived as unequal in the opportunity it offers and just in the distribution of what it produces enable to generate enough for everybody. To tackle these issues we need much more robust fixes in the rules governing our economy and society. We need to set the rules of the game capable of supporting ordinary people who are present in the environment, capable of generating a fair income distribution, better opportunity for everybody, decent, save and stable working conditions for all and not just for lucky minorities. In one word, we need rules put in center stage human beings, families, communities. We need to stop confusing the means with the ends as we have done so for so many years. We need the new humanissimo. This vision is radically new. It is new because we are not thinking in terms of a big small government as the vision left-right divide has done for more than a century. Rather we believe that the two divides lies between those who have and those who don't have the power and the destiny of their nation. We believe that this power cannot be bestowed on a tiny minority of citizens. We are radical, but we are radical because we want to bring this power back where it was meant to be in the first place by our constitution. To the people express it in the forms and modes set by the law. In Italia. Sovereignity belongs to the people and the forms of exercising that are established by law. It is the best and multi-phase program which is guided by a simple concept. Support merit while fighting monopoly and the rent seeking behavior. And endless sequence of reforms can spur from the pursuit of this basic idea. Supporting merit will bring our attention to education and especially early childhood education which many social scientists regards now as the stage in life when the destiny of a person is shaped. Quality of early education for all while relatively not expensive is one of the most powerful tool to level the playing field and one of the highest return investment available for the society. Fighting rent seeking and monopolistic behavior implies a radical revision of rules to assess markets to enter professions. More generally, a revision of old red tape and bureaucratic norms not serve other goals but protecting the insiders. Fighting rent seeking behaviors means to be tough on corruption for it being the most shameful power abuse aimed at extracting a rent from those who are just asking to exercise legitimate right. My government is not hesitating on this front. We have adopted an anti-corruption law that now is among the toughest in the world. We have started to overheat the economic regulation in virtually any subject from bankruptcy to procurement to civil judicial regulation. Our ambition is to show that there are not trade-offs between a more equal, inclusive and I would say gentle society and a vibrant economy generating enough for everybody in a sustainable way. Where fairness is widely felt and trust prevails over second guessing behaviors people tend to be more willing to look with hope to the future to renounce to something today for something better tomorrow when efforts and sacrifices are rewarded rather than being seized by rent seeking and their predator behavior it is rational for people to invest more in human and physical capital because it is going to produce higher returns. When a sense of inclusiveness doesn't cement communities it is rational for people to invest in public capital and to trust more institutions because the fruit of this investment will be shared equally rather than accruing only to the better ofs. Finally, a more equally just society is stronger because people trust each other and it is more efficient because fewer resources are wasted defending and just privileges. Italy is now walking along this path. We want to go very far. How long it will take, I cannot say. What I do know for sure is that our strive for a better society would be easier if we were not alone in this quest. Any community if left alone will have a hard time in facing the headwinds of those who play one nation against the other to their advantage. If we, we as Europeans were more united in this endeavor we would be much stronger in holding the view inspiring the original dream of a Europe that protects its people and the value there to us. Freedom, social justice, fair treatment for everyone, solidarity among people and nations, rule of law. This is the Europe we Italians dream of. A Europe of the people by the people for the people. Thank you for your attention. Thank you very much Prime Minister. You addressed equal and just society. It will also create more stable societies. You addressed also fairness and also vigilance in the fight against corruption. Many prime ministers in Italy before you have also addressed the issues of reviving economic growth and stabilizing banks. You already shared some of your measures to reach such a goal but if you could even be more concrete in what in your program are you sure will lead to stronger economic growth and stabilization of the Italian economy. Bek in November when I met President Junker, Vice President Dombrovski and Commissioner Moskovici to discuss our budget law. I presented to them a 40 page document. The title is very evocative. A new path for a better future. In this document that I left to them is included a list of our plan of investments and the list of our sacred reforms. Most of them we already implemented. Now of course the most part also is now a lot of measures are into full force during these days, these weeks. Other are coming. I mean, we, our growth strategy is based on two legs. First leg is the larger plug investments plan in materia and infrastructure. The second is a simpler rules and smarter controls for a better regulation of our country to the benefit of our business community to the benefit of our citizens. The plan of investment is very robust and will boost our economic growth. In the meantime is very important also the plan of immaterial reforms. The immaterial infrastructure is very important in our society where there is a stratification of norms. There is a lot of bureaucracy. We are working very hard in order to reduce bureaucracy in order to reform the procurement law in order to accelerate our civil processes, procedures, sorry, in order to get a better civil judicial regulation. That's a very complex plan. We are working very hard in order to realize it. About the banks, you ask also, consider that Italy, of course, is a market economy and it means that also banking is a private industry and the state is very limited in the intervention of the state. And of course it's not necessary if there aren't compelling reasons. Our Italian banking system is very stable. It's well capitalized. At the moment it's also very stable in order to the total amount of MPL. Consider that we reduce the total amount of MPL in the last three years. We reduce approximately from 85 billion to 35 billion. It's very stable also because we have a very low exposure in order with the derivative instruments. If you compare the Italian banking system to other important banking systems, also of member states of the European Union, you will see that we have a very low exposure in order to the derivatives. L2, L3 instruments. And it's very, very important. So I don't find the way for an intervention of the state. Of course we are paying variations. Maybe most of you have heard that we prepared a tool for the carriage bank. It's one of the biggest. But we are paying attention as a state because we want to assure, we want to protect the financial stability, we want to protect the savers. So if it will be necessary, we have a tool that is an instrument of intervention of the state. But of course the primary solution is to a private path. It means maybe the option of the capital increase, maybe the option to merge with other players. Thank you. We have time for one more question and one short answer because we don't want to steal time in the Spanish public. We don't want to create any kind of diplomatic incidents here. So my last question, Mr. Prime Minister, is related to Europe. European elections coming up in the spring. And I think Italy, due to its size, G7, but also its tradition in Europe, your voice will be very much listened to. So what kind of Europe does your government aim for in one and a half minutes? Europe, I mean, the European Union is in a complex, a delicate situation now. There are a lot of issues that needs a strong response. I think that Italy can contribute with all the other member states to give a response to all the critical situations that are challenges for the Europe, for the future of the Europe. Migration flows, but not only. Also double mandate, for example, for the central bank and so on. There are a lot of issues. We hope that can give an important contribution in a constructive approach in a constructive dialogue with other member states. Thank you so much. Thank you very much.