Fabio Panetta: Savings - protection, inclusion and development
Address by Mr Fabio Panetta, Governor of the Bank of Italy, at the 2025 World Savings Day, organised by the Association of Italian Savings Banks (ACRI), Rome, 28 October 2025.
The views expressed in this speech are those of the speaker and not the view of the BIS.
Economic development is the essential foundation for strengthening confidence and unlocking the full value of Italians' savings. Only a dynamic and competitive economy can create job opportunities, generate fair incomes and allow families to look to the future with peace of mind, believing that children will be better off than their parents.
Today, with inflation back under control, we have to navigate a complex international environment, with a resurgence of geopolitical tensions and conflicts that we thought were behind us, and with new protectionist pressures hampering trade and economic cooperation. This is fuelling fragmentation and uncertainty, with antagonism often prevailing over constructive dialogue.
In this scenario, the priority is clear: to pursue, with determination, robust and lasting growth, underpinned by investment, innovation and productivity.
The resilience of the Italian economy and fiscal consolidation
Over the past five years, the Italian economy has shown considerable resilience and flexibility, growing at a faster pace than in the five years prior to the pandemic and in line with the rest of the euro area. A significant contribution has come from the Mezzogiorno, after many years of underdevelopment compared with the rest of the country. GDP has risen by 8 per cent in the Mezzogiorno since 2019, against 5 per cent in the Centre and North.