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 2021 - 128th Financial Year, Rome, 31 May 2022. 

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

Central bank speech  | 
03 June 2022

Ladies and Gentlemen,

The invasion of Ukraine by Russia at the end of February marks a dramatic watershed in recent history. It has triggered a grave humanitarian crisis, leading to the re-emergence of tensions between different parts of the world that seemed to have been permanently reduced, if not completely allayed, in the last thirty years. Our first thought today goes to the people of Ukraine, to those who have lost their lives, to those who have been forced to abandon their homes, and to those who have had their daily existence turned upside down.

The war has also abruptly worsened global economic growth prospects, at a time when the damage caused by the pandemic has not yet been completely repaired. Uncertainty has dramatically increased the world over, affecting the pillars supporting the international economic and financial framework in place since the Cold War, namely the peaceful coexistence between nations, market integration and multilateral cooperation.