Growth or decline. This dilemma framed the presentation of the book Il future non aspetta (The future won’t wait) by Dean Stefano Caselli, held at the SDA Bocconi School of Management campus in Rome as part of the series Reading the Present. The SDA Bocconi Rome Book Club.

At the center of the discussion was the issue of Italy’s growth in a context marked by a global “polycrisis.” “This book was written before the latest international events, but those events make it even more urgent,” explained Sky TG24 journalist Giovanna Pancheri, highlighting the acceleration of ongoing changes and the need to complement analysis with concrete proposals.

Among the issues addressed was the size of Italian companies, which are increasingly underrepresented among the world’s largest groups. A point reiterated by Poste Italiane CEO Matteo Del Fante, who linked the issue to current technological and industrial challenges. “If the world changes, companies must adapt as well,” he said, referring to the aggregation project with TIM aimed at strengthening capabilities in data, digital technologies, and cybersecurity. “We began working on it back in 2021. It wasn’t easy; the markets were initially skeptical, but then valuations changed.” The operation is intended to create a player capable of competing on a European scale.

For Caselli, the issue of large companies is central, even if often divisive. “It doesn’t mean being against SMEs,” he clarified, “but recognizing that global competition is played out at scale: large firms attract human capital, invest over the long term, and drive the ecosystem.”

Another key point concerns Italians’ vast savings (around €6 trillion) and how they are used. “What do we do with it? Do we leave it idle, finance the growth of other countries, or try to channel it into the real economy and risk capital?” Caselli asked.

In this context, fiscal policy appears decisive, but also in need of rethinking. “Our tax system dates back to the 1970s and has remained essentially unchanged,” Caselli observed. “We need a reform consistent with clear objectives: growth and employment.” Among the proposals is more favorable treatment for long-term investments and equity compared with other forms of capital allocation.

The discussion also touched on human capital, considered crucial for the country’s future. “We have excellent universities,” it was noted, “but the problem increasingly concerns primary and secondary education.” The risk is a gradual weakening of the education system, compounded by a lack of resources: “Today we spend more on interest on the debt than on education.”

Finally, the focus broadened to Europe, at a time when growth forecasts are being revised downward and fears of a recession are rising. “There is still room for optimism,” emerged from the discussion, “but a decisive push is needed.” The key could lie in strengthening the European internal market to enable genuine integration and cross-border operations. “If pan-European champions were created, Europe could truly compete with the United States and China,” it was observed, also becoming a stronger geopolitical actor, starting with the Mediterranean.

The Reading the Present series, as recalled by the Rome campus director Gimede Gigante, is dedicated to the major transformations reshaping markets, companies, and institutions. Each event in the series is built around a guiding question and aims to bring together managers, academics, and observers to identify the levers for the country’s development.

SDA Bocconi School of Management