Ignazio Visco: 2016 World Savings Day

Address by Mr Ignazio Visco, Governor of the Bank of Italy, at the 92nd World Savings Day "The culture of saving to promote growth" organised by the Association of Italian Savings Banks (ACRI), Rome, 27 October 2016.

The views expressed in this speech are those of the speaker and not the view of the BIS.

There are mixed signals from the global economy. On the one hand, the most recent data show that economic activity is strengthening in the United States and in China, while Russia is pulling out of recession; on the other, the available data for the third quarter point to a fresh weakening of international trade. Overall, uncertainty prevails: the difficulty of predicting the impact of technological development on the economy and employment and managing that of demographic trends has been compounded by growing political and geopolitical tensions.