Ignazio Visco: Overview of economic and financial developments in Italy

Concluding remarks by Mr Ignazio Visco, Governor of the Bank of Italy, at a meeting for the presentation of the Annual Report 2017 - 124th Financial Year, Bank of Italy, Rome, 29 May 2018.

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

Ladies and Gentlemen,

The Italian economy is gaining strength, employment continues to recover, and some of the sources of systemic risk in the banking system have been eliminated. To consolidate the results achieved, accomplish further progress, and remove structural fragilities, we must press on with the reform agenda.

It is necessary to respond with determination to the changes brought about by globalization, technological innovation, and demographic trends. The protection of savings, necessary to support economic growth, hinges upon orderly conditions in the financial markets. These, in turn, rely on the credibility of the policies to revamp the structure of the economy, enhance productivity and keep public debt in check.

The risks connected with the weakening of international cooperation, which are both geopolitical and related to the economy and trade, have been compounded by the current hesitations in furthering the European project and by the tensions in our country. Italy’s must be a respected voice, including in the debate on redesigning the European Union’s regulatory and institutional set-up, a voice that is all the more important in this period of profound social, economic and financial transformation.