Strategy and Economic Research – Paris
The referendum for the final approval of the reform of Italy's constitution is approaching, as it will be held on 4 December. The outcome will certainly have political consequences for the future of Matteo Renzi, the current President of the Council of Ministers, but also for the country's political landscape and for the path of the structural reforms needed.
The issue is whether US economic policy will be sharply different, particularly fiscal and tax policies. We know that tax cuts and a revival of infrastructure spending are planned, and that the impact on the budget deficit can be very high, with the usual consequences on long rates, public debt... and monetary policy. Among other areas of uncertainty is the temptation of protectionism.
Global Head of Research