May 26, 2022

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Visco: Growth reduces public debt by 150%

The Italian economy “from the spring with the gradual improvement of the health framework should recover” its activity “after slowing down in recent months due to injuries. This was stated by the Governor of the Bank of Italy. Ignazio Visco To the Parma Forex market where GDP growth “will approach 4% on average this year and then slow in the next two years”.

Public debt – “The remarkable recovery of the economy was decisive in stopping the increase in the public debt-to-GDP ratio, which by the end of 2021 could have fallen to values ​​close to 150 percent (from about 156 percent reached in 2020)” It is a level Much lower than expected at the beginning of last year and also according to official estimates published in the fall,” Visco emphasizes, stressing the importance of “growth in deleveraging.

Banks – Italian banks have a strong balance sheet in general and credit quality has continued to improve, also benefiting from support measures, ”assures the Governor of the Bank of Italy, which accordingly,” however, the fragile situations in banks remain mainly small and medium-sized and with a traditional business model Visco stressed that for some banks, supervision requires “the immediate evaluation of each option aimed at preventing deterioration and returning to full sustainability paths.”

Custom Actions – Bank of Italy Governor Ignazio Visco welcomes targeted interventions on expensive bills or on individual sectors in difficulty, but says no to “generalized stimulus” measures that would cause price tensions and risks to the “balance of public accounts”. Visco explained how “limited interventions of an emergency nature can be justified, for example to deal with the energy crisis or in cases where infection continues to impede consumption and production, such as services related to tourism, restaurants and entertainment.”

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the future – “We must begin to think of a future that must be consolidated and in which we must all participate with optimism in an effort to build the new that is already in our hands,” said the Governor of the Bank of Italy, recalling how 10 years ago in his first speech to the Assembly in the city of Emilian, the image was To a serious crisis and stagnation in the country. Now in the face of the pandemic crisis, he said, “The Italian economy is better equipped and the banks are not the cause, but they helped.”

(ANSA) – PARMA, Feb 12 – “The remarkable recovery of the economy was decisive in stopping the increase in the ratio between public debt and product, which at the end of 2021 could have fallen to values ​​close to 150 percent (from about 156 percent reached in year 2020). This was stated by the Governor of the Bank of Italy Ignazio Visco at Forex in Parma. He noted that this is “a much lower level than was expected at the beginning of last year and also according to official estimates published in the fall,” stressing the importance of “growth to declining debt (ANSA).

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