Global Markets, Tech Revolution, and Free Movement Benefited Only Few - Conte

MOSCOW (Sputnik) - Italians believed national and European institutions for a long time, but open global markets, free movement of capital, the technological revolution ended up enriching few, not many, Prime Minister of Italy Giuseppe Conte said at the World Economic Forum in Davos on Wednesday.

"Italian people have been very patient and disciplined for many years. They have trusted Italian and European political and technical institutions… Reality turned out to be very different instead… 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", Conte said.

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The Italian prime minister added that the Italians believed in the euro's ability "to solve all their chronic problems: high inflation, weak currency, public debt."

However, the public debt increasing despite austerity was "the price for a stable currency and low inflation", Conte said.

"Thus, enthusiasm about the future has given the way to a gloomier view. A sense of hopelessness has been spreading; even the middle class, used to feel itself free from basic economic needs, now fears poverty", Conte said, adding that the "fiscal frugality held back GDP growth".

The current Italian government is "the institutional answer to the desire of Italian people of finding a new way forward," the prime minister added.