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The number one Bank of Italy does not spare critics about the lack of evolution of the European construction project, to the point of talking about "the inadequacy of governance euro area economy ", which emerged during the sovereign debt crisis. And yet, "the weakness of Italian growth over the past twenty years has not depended on the European Union or the euro, especially because" all the other Member States have made better than us. "
And again: "The efficient use of European resources must be a priority to solve the problems encountered in the past".
THE DIFFICULTIES OF THE SOUTH. Community funds are providential for the revival of southern Italy, which "has suffered more from the double recession than the rest of the country.In the southern regions, it must above all improve the environment in which companies are doing business with respect to the protection of legality, Visco insists – long-term actions are needed ".
BANKING RISK. In this context, Italian banks are likely to be affected by the recession and country risk. Despite the "significant efforts" devoted to nonperforming loans and profitability, our institutions are "vulnerable" to the return of "macroeconomic risks.It is essential to support growth and alleviate market tensions" to ensure "full functionality" of the banks.
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Then, with a clear reference to Carige: "There are still cases of difficulties for medium-sized banks, which are brought to the attention of the Italian and European supervisory authorities and the government.They are actively seeking solutions to revive intermediate subjects involved ".
THE POPULAR. "For the popular banks clbadified as less important, the cost / income ratio was higher than the system average, the return on capital lower, the consistency of the impaired loans remaining high.For these intermediaries, it is urgent to create forms of close cooperation or aggregations allowing competition on the market ".
THE CITATIONS. While politicians constantly talk about television and social media, Visco calls for caution and austerity, given all the risks involved. He does so by quoting in the final lines of the final considerations the Austrian philosopher Ludwig Wittgenstein and the Bulgarian writer Elias Canetti. "The responsibilities to share, the objectives to pursue, the tools to use must be clear, knowing that even for those who save, invest and produce words are actions and that in the dark the words weigh twice".
DURABILITY OF COSTS. Always Visco, ideally aimed at the government: "The increase in public spending or the reduction of income should be included in a framework guaranteeing financial sustainability". In addition, he adds that "the deactivation of VAT clauses" must be subordinated "to the identification of countervailing measures.For all viable options, the potential effects on demand, economic activity and distribution badets must be accurately and transparently valued.
THE STEPS. "Only prudent fiscal discipline and strong prospects of returning to higher economic growth rates can restore confidence in the government bond market and reduce the yields of those prevailing in the rest of the eurozone."
"Today, out of every 100 people in this age group, there are 38 who are at least 65 years old, and in the twenty-five years, there are 76. These prospects are all the same. all the more worrying that the country is unable to attract a skilled foreign workforce and the real risk of continuing to lose our most qualified and dynamic resources. "
The escape of the brain. Italy's productivity and business capacity are negatively affected by the gradual increase in the number of young people and graduates leaving Italy each year, reflecting the structural delays in the economy: emigration young people reached 0.5% in 2017, quintuplement over ten years, that of graduates, equal to 0.4%, has doubled.
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