The shadow of the dutieswith the global trade which as a flywheel of well -being is likely to become “source of division»Putting« a jeopardy peace». The dollar questioned as the architrave of “balance who supported theglobal economy in recent decades »and which are now in”deep crisis». It is the background outlined by the governor Fabio Panetta which calls the action theEU“bulwark of the rule of law“That” cannot remain firm “and”must have the ability to overcome national particisms». THE’Italywhich also gives Signs of economic vitality and collects Positive judgments on the rating: The government must continue on the Restoration of the accounts which is “Only at the beginning», Intervene urgently on the cost of energy and on wages still at 2000.
THE global risks absorb a substantial part of the final considerations of the governor. Words of weight If pronounced by one of the positions’key‘ In the G7. There Running to duties triggered by Trump creation uncertainty and is “encouraging international trust»On which the well being. “Could subtract almost a percentage point of world growth»In two years and is”pushing the global economy on a dangerous trajectory», Putting to risk already today the 5% of global trade. Not only that: the dollar fall and gods Treasury American triggered on April 2, despite the Corrections to Trump’s approach to the duties“remained unchanged», The governor observes. This lifts «Questions on the future structure of the international monetary system»And on the dollar “as a reserve and denomination of commercial exchange currency».
More immediately, there will be a Route for the ECB on rates “far from simpleBut where Panetta asks “a pragmatic and flexible approach»Since i passed fears about the descent of inflation “they proved unfounded».
ForItalythe «signs of a newfound economic vitality“I underlined by Panetta do the pin on one property position to abroad That 15 years ago was negative for 20 percentage points of GDP, today is positive for 15. The reference to real wages grown “much less than in other main European countries»It’s a Appeal to businesses to relaunch the productivity with innovation. The words on theaging of the population And low birthto the detriment of growth, they remember that “Regular immigration can provide a significant contribution». And then there is “maintain a prudent budgetary policy And intensify»The Reforms for growth.
In the folds of the annual report, Bankitalia speaks of «Relevant challenges for ItalyCome on duties: beyond the 40% of companies who export to the USA “would not adopt specific response strategies». And in the case of a fragmentation of world trade in blocksthe loss of the supplies from Chinasecond import markets from Italy which provides Critical inputs at 17% of companieswould be “a significant source of risk».
A background outlined with cleanliness that, in 31 pages of considerationsanticipates any other Evaluation on Europe and Italy. With an implicit ‘caveat‘: on the Italian banking Risikowhere the politics has returned to being direct actor And now the Tarfrom Panetta they don’t come Merit assessmentsthe mergers must create value And they decide «market dynamics and shareholders’ choices». There Bankitalia and ECB supervision look at prudential aspectsimplicit reference to the fact that on Competitive aspects of the Golden Power The ball is in the field of Brussels.
A nod to the future direction of credit and savings however, it is in the observation of Panetta that, to keep up with the competence challenge“It is urgent to complete the construction of a fully integrated European capitals market»And not forced by national fences. And put him next to him “a European public title».