Thanks MD. I think the RV editors do an amazing job, but if they didn't edit us and let Grant and I talk as much as we wanted the video would be 18 hours long, and unwatchable. My point about Italy and Greece is this: Sitting as weak members within the Euro Bloc they cannot do what they have traditionally done to restore competitiveness- devalue the currency. Whether this was wise is debatable but to an extent it worked in times of crisis. That option is no longer available so the two traditional tools of macro policy, fiscal and monetary are all that is left. Here things become experimental. The Euro Bloc was launched in 1999 as a Monetary Union but without Fiscal Union. Each country must adopt its own budget but be Macro prudent and acceptable to Brussles, but live on a Pan European monetary policy set without regard to individual country conditions. The problem comes when one country does idiosyncratically badly and has weaker Sovereign risk characteristics than the rest of the currency bloc. The logical investor says "I am comfortable with Euro risk but if I'm also taking Sovereign risk as well I need to be compensated" so the Euro sovereign buyer has a curve of risk with the strong sovereigns- Germany, Holland getting low rates (10 yr at 0.1% and 0.2% right now); but weak sovereigns- Italy, Greece getting 'high' rates (2.5% and 3.75% now). Of course rates would be much higher if these countries had the Lira and Drachma back but they would have autonomy. The result is, Ceteris Paribus, the strong sovereigns have lower cost of money than the weak and their businesses can borrow cheaper, thus increasing their advantage and making them stronger. This is what I meant by a "lack of self correcting mechanism" in a currency bloc with individual sovereign risk and separate fiscal regimes. Italy is in the Euro but when you buy a Euro Italian bond you take Italian default risk. It's a hybrid sysytem which is irrational and unstable to my mind, and others. Does that 'flesh it out'?

I agree with the general thesis that being part of the EU/Eurozone has not worked for Italy, and Brussel's bureaucratic sense of certainty is partly to blame. However I do not understand the assertion by Steve that the higher borrowing rates of Italy is in some way inflicted upon it because of its EU membership. Unless this is taken to mean that: 1. Italy had been able to borrow excessively at artificially low German-level rates right up till about 2010 when the bond market again distinguished between yields of different EU countries, and punished Italy for its past profligacy, or 2) The formation of a Eurozone monetary union but not a fiscal union, which would have allowed Italy to borrow at lower "average" Eurozone rates.

My wife’s from Ravenna and she agrees with Steve on the strong regionalism comments. As far as the ‘Brussels is the Enemy’ opinion, Steve did not say it is the cause of Italy’s problem but a significant influence and contributor. It’s easier to blame Brussels than to look in the mirror looking for defects, especially when you have schizophrenia

Andy, please tell us more. I would love to hear your opposing views on the topics covered in this conversation. I understand your irritation about two Brits talking about your country - that's a fair point. I found Steve and Grant's conversation fascinating and yet I am well aware that only an Italian could ever understand the subtleties of their own culture. We are all here to learn and we all have holes in our thinking (and that includes the RV team) - sharing views is what helps us grow. I would value learning about Italy from an Italian - I'm all ears if you'd care to share.

Hi Andy, Appreciate your comments and they are well taken. This was a pilot to see if the format worked and to see if people wanted to engage with this kind of content. I wanted to air it to see what people thought and, to be honest, I was surprised your comment took so long to appear in the thread. I in total agreement with you about there being a need for interviews with locals (I made reference to "two English guys sitting in Italy talking about it" at one point to try and tip the audience off that I knew that was going to be a criticism) and that will change if we make more of these pieces, rest assured. Steve spends a lot of time in Italy and has done for many years and he was kind enough to give up a significant amount of time to enable us to try things out and create something new. That would probably have been difficult without his and my personal relationship and I'm enormously grateful to him for doing that and enabling us to produce this piece. As always, we will iterate and try to improve every time and this ides is no exception to that. As for any 'buzz' around me? I don't get it either! By definition, every time I'm on screen I'm the dumbest guy in the frame... Thanks again for your comment. It was very useful. Now, about those damn central banks...

Could you perhaps be more constructive in your feedback Andy?

Some reasonable criticism here, however, I would think that the criticism could be given without the personal attacks. Grant, your reply to this criticism highlights why you are such a sought after individual. The RV platform is developing nicely. The criticism I would have, not specifically to this, but a general criticism is the short clips on trade idea's & CNBC style stuff. I would think that keeping this channel to in-depth and more thoughtful pieces, series, over the long term is the way to go. Even though you must have pressure now with the investment rounds, expanding the viewership by dropping the price and flooding it with useless CNBC style content is not the way to go. I rather pay 10x more and have the content be less frequent, high quality (Such as this series) and be 'uncommon knowledge' (as there would be less overall viewers), then pay the current very low annual and have it be 'common knowledge' flooded with CNBC style junk.

so well said lucas, you represent the view of many early subscribers

Yes Andy, relatively pathetic attempt to shed light on a complex subject. By not including any local perspectives it’s just pure speculation, postulation and a good dose of arrogance. These interviews could be so much more, yet they are not

Andy Grant has given a substantial, and typically gracious reply to your comments. I would only add that I am not, and have never pretended to be, an expert on Italy. I've lived 26 of the last 30 years in Asia and I spend a lot of my time these days investing in Biotechnology not Italian banks. Grant asked me to do this pilot, and I think the idea is a great one and hopefully he can find better hosts than me in future. But I hope that something of my love and also frustration with your beautiful country comes out in the three videos though, I spend as much time as I can in Italy and wish it nothing but the best of success.

Andy, I think your choice of language here was uncalled for. I think Grant and Steve did a great job and I heard nothing untrue in their discussion. It true having some local commentary might have added value but from who and from which perspective? The government, a local businessman, and guy off the street? Europe is certainly not superficial, but neither is it united nor is the ECB leading Europe in any direction other than chaos. The European project started off fine as an economic union that I voted for and has through many faceless and some unelected bureaucrats become a nightmare. I sincerely hope the Italian people muddle through but for the very reasons espoused by Steve and Grant, the odds are against them.

Maybe we can get a couple of Italians to travel round the UK and try and work out why we made such a F***K Up of Brexit. I for one would be happy for the feedback and an external POV :)

My father was Italian and escaped World War drafts twice and was shot for it. My brother lives in Milan. A lot of what Steven Digglle observed is quite on point. Perhaps you can express your views in a more respectful way. Rather than shooting the messenger, point out specifically what you see or disagree with. Arivederci!

Italian here with a name that is certainly more Italian than yours. Running a business in Italy too. The video is a fairly accurate portray and it even has a more positive note on Italy when compared to reality. The situation in Italy is so bad that I'm about to export my business and myself to E. Europe: Not without problems but better work ethics, cheaper, less red tape (can you imagine? ex-communists with less red tape? hello?), more common sense and I could adventure myself to say less corruption (but my take is that in Italy plain stupidity costs more than corruption). Maybe you are an Italian expat with a glorified memories of homeland (happens when abroad and not old enough). Can't say.

Andy B. - The internet and news are replete - good and bad - with articles, videos and tabloids about Italy and the rest of the world. This well-done series is an addition to, not the exclusive presentation on Italy. It is a point of view. Vanessa V. asked very politely about your opposing views. You have not responded which is your prerogative. A diatribe makes the point that you disagree but does not add to the conversation. You could start by responding to Flavio G. who is an Italian businessman. DLS

Especially with the Catalonians who are on trial... I am not educated enough to speak on your situation there in Spain but I whole heartily wish for a more prosperous future for you all. Will

Thanks Faris, funnily enough I knew Nial when we were At Oxford in the 80's. A very clever man even then. It might have been more fun to know Jeremy Clarkson. I suspect Jeremy would not approve of the Landrover Disco', but it's a great car for a rural Italian winter.

"Italy and Greece need lower interest rates." I just don't buy this premise at all. It was Germany-subsidised low interest rates that led to this mess in the first place. Rates in these countries are extremely low given their fiscal and political dysfunction, and indeed it has been the ECB's monetary largesse and Germany's bailouts that have sustained and perpetuated this systemic sclerosis. The conclusion is precisely the opposite. Italy and Greece (and Germany and the UK and the US and China) need HIGHER interest rates to reflect the chronic consumption of capital as a result of the era of cowboy central banking.

I'm glad I wasn't the only one!

Peter, let's see: one is a self effacing nice guy, the other is a self-opinionated man who won't stop talking. Does than shed some light on things? However, my welsh accent is much better than Grant's, also my Michael Caine impersonation .

Nice overview before I "invest" anytime in watching this. I believe your comments are very true. Unfortunately many of the Mediterranean countries have an old world work ethic which really doesn't emphasize growth...rather a way of life.

Spain has among the highest pro-EU sentiments in the whole union, very different feeling than in Italy, I am Spanish

only really because those in power have never used to bash the EU as a political tool...

But which Italian? Northern, Middle, Southern or far south Sicily?

And how much time?...The EU bureaucrats have had a quarter century to get "flexible" and all indications are that they are just getting more and more arthritic. It's unrealistic to think that by bleeding countries dry they will be compelled to become more "accountable" and less corrupt. That's as backassward as putting a political union and monetary union before a fiscal one, as Grant pointed out. (P.S. Go easy on the sugar, Grant. We need you around many more decades.)

Agree, but just don't mention NATO as the basis of European security. That doesn't go down well with Europhiles.

There are subtitles (at least on the web player) - speech bubble icon at the bottom

Even opening the Transcript..

Steve is spot-on: operating a business in Italy (as someone who wants to go by the book) is extremely difficult, time-consuming and expensive. In comparison, operating a business in black is extremely easy: you just need the right connected friends and a bit of grease. The current government is focusing in its fight against the EC (and they are right to do so, the EC is a self-serving and unelected body) while doing absolutely nothing to fix all the massive government barriers that exist for entrepreneurship of the legal kind.

Insane! Is this EU bureaucracy or Italian?

I would overwhelmingly agree with your observations, you do not need a Ivy League education to truly see the value of obtaining truth through the eyes of those who are seeking it. Grant, you are the man!! The passion and thought provoking in-depth questions really helps me build on my macro thesis for investing and trading.