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SUCCESS SECRET
Fallico: no economy in the world can withstand

the second total lockdown

The Eurasian Economic Forum will be held in Italy
next week offline, despite the pandemic. On the eve
of the forum, Antonio Fallico, the chairman of the
board of directors of Banca Intesa, president of the
Association "Explore Eurasia"spoke in an interview
with TASS about how important human contacts
between entrepreneurs from different countries are
in the current economic conditions and about the
need to change the model of the global economy,
which is in crisis since 2008.

photo: Antonio Fallico
© Mikhail Tereshchenko

How has the pandemic affected and financial markets of these regions ready for
continues to influence Russian-Italian relations? it?
The pandemic affects not only Russian- I’m not a doctor to think responsibly
Italian trade and economic relations, but the about waves and the medical side of things.
global economy as a whole. The decline is almost It is clear that the disease is real, it takes
universal. In the first half of 2020, the volume of lives. But the danger is also posed by the
Russian foreign trade decreased by 16.9%, and emerging fear of the coronavirus, which
with Italy by even more 22.5%, especially the permeates individuals and human societies.
indicators of Russian exports fell. Russia became The damage from it is perhaps even more
the tenth exporter to Italy, losing three positions serious.
compared to 2019, while Italy remained Russia’s The main and common economic
fifth trading partner. challenge for all is the need to change the
In these conditions, it is necessary to do model of the global economy, which has
everything possible to restore business and been in crisis since 2008. There are no
goods flows. It is very important here to return purely financial solutions to overcome the
to the possibility of human contacts between crisis, additional injections of liquidity into
entrepreneurs. It is possible to communicate the economy are important, but they will
through screens using digital technologies, or not solve all the problems. The problems are
rather, it is better than nothing. However, real structural. The economy should largely serve
business is done by looking into each other’s a person, and not lead to a further increase
eyes. In the process of preparing for the Verona in social inequality, as is happening today,
Forum, we are faced with just a huge thirst exacerbating the existing contradictions.
for business to resume communication in a What macroeconomic forecast for the
human format, although the pandemic, sanitary Russian Federation for this and next year
and administrative requirements are making would you give? What difficulties may lie
adjustments. in wait for the economy and banks in the
What problems of the global and Russian recovery period after a pandemic?
financial systems were exposed by the pandemic There are many predictions without
and how, in your opinion, can they be effectively me. They are approximately in the same
solved in the Russian Federation? range, differing in tenths of a percent. I
The Russian financial and banking system agree with them.
passed this period well. It showed sufficient But they all reflect only certain
stability, has a margin of safety. However, expectations. We simply do not know exactly
financial measures alone cannot overcome the how the pandemic situation will develop,
accumulated crisis phenomena in the global, what measures will be taken that can affect
closely interconnected economy. Systemic the economy. The second total closure, I
problems require systemic responses. believe, will not withstand any economy in
Do you expect a second wave of coronavirus the world. The statements and actions of the
in Europe and the Russian Federation; are the governments of many countries reinforce

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