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Visco: "Staying in Europe, without we would be poorer. Spread weighs on growth. Immigration helps"

2019-09-20T16:20:29.706Z

"We would have been poorer without Europe, we would become poorer if we were to make an adversary". This was stated by Governor Ignazio Visco at the conclusion of the Final Considerations, adding that "to blame Europe for the faults of our unease is a mistake; it does not bring any advantage and distracts from real problems". "Those that are sometimes perceived as costs of belonging to the euro are actually - warns Visco - the result of the delay with which the country has reacted to technological change and the opening of markets. Almost all the other countries have done better than we". "We need a choral effort, the participation of all, along a direction that the policy must clearly indicate". Thus the governor of Bankitalia speaking of the Italian prospects and citing a public budget more oriented "towards measures to support work and productive activity", a "rigorous and credible" debt reduction "strategy and" far-reaching structural reforms " Companies, on the other hand, will have to "seize the opportunities offered by the market and technology". Italian banks risk being hit by the recession and the "country risk" and, despite the "significant efforts" made on non-performing loans and profitability, they are "vulnerable" to the return "of macroeconomic risks". According to Visco "supporting growth and easing tensions in the markets is crucial" to guarantee the "full functionality" of the banks. "Limiting oneself to the search for conjunctural relief through the increase in the deficit public may prove to be ineffective, even counter-productive if it leads to a deterioration in financial conditions and in household confidence e of companies ". Thus the governor who warns about the "risk of a 'restrictive expansion'": "the expansive effect of a budget maneuver can be more than compensated by the restrictive one linked to the increase in the cost of financing for the State and the economy" . "Immigration can make a contribution to the productive capacity of the country, but the difficulties we encounter in attracting highly qualified workers as well as in the integration and training of those coming from other countries must be faced". "It is necessary to intervene on the factors behind the South's delay, one cannot just rely on attempts to compensate him with monetary transfers": so Visco. "A wider space - he says - should be destined more than to subsidies and transfers to programs more able to stimulate economic activity". For Visco, "support measures can contribute to the growth of late territories, but they must not distort the incentives of companies and workers". Upon completion of the Union we must participate responsibly, constructively and without prejudice. The responsibilities to be shared, the objectives to be pursued, the tools to be used must be clear. "This was stated by the Governor of Bankitalia, Ignazio Visco, who quoted Elias Canetti and Ludwig Wittgenstein as" also for those who save, invest and produce, " words are actions' and that 'in darkness words weigh double' ''. The farsightedness of those who have erected the EU, recommends Visco, must return to guide today's actions. "The minor popular banks present" still high impaired loans "and low returns and for these" it is urgent the need to create forms of close cooperation or aggregations that allow to compete on the market "." In perspective the country needs a broad fiscal reform ". It is one of the recommendations of the Governor Ignazio Visco in the final considerations." Reviewing only some facilitations or modifying the structure of a single tax would continue in a stratification process. Instead, stop it, to design a stable structure that gives certainty to those who produce and consume, invest and save, with an intervention aimed at rewarding work and encouraging business "." Increases in public expenditure or reductions in revenue must be included in a framework that guarantees its financial sustainability and precise intentions, priorities and sources of funding "said Visco always in the Final Considerations, specifying that" in order for the public budget to contribute to a lasting increase in the rate of growth of the product, profound interventions are needed on the composition of expenditure and revenue ".


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31 May 2019 " We would have been poorer without Europe , we would become poorer if we were to make an adversary". This was stated by Governor Ignazio Visco at the conclusion of the Final Considerations, adding that "to blame Europe for the faults of our unease is a mistake; it does not bring any advantage and distracts from real problems". "Those that are sometimes perceived as costs of belonging to the euro are actually - warns Visco - the result of the delay with which the country has reacted to technological change and the opening of markets. Almost all the other countries have done better than we".

"We need a choral effort , the participation of all, along a direction that the policy must clearly indicate". Thus the governor of Bankitalia speaking of the Italian prospects and citing a public budget more oriented "towards measures to support work and productive activity", a "rigorous and credible" debt reduction "strategy and" far-reaching structural reforms " Companies, on the other hand, will have to "seize the opportunities offered by the market and technology".

Italian banks risk being hit by the recession and the 'country risk' and, despite the "significant efforts" made on non-performing loans and profitability, they are "vulnerable" to the return "of macroeconomic risks". According to Visco "supporting growth and easing tensions in the markets is crucial" to guarantee the "full functionality" of the banks.

"Limiting oneself to the search for conjunctural relief through the increase in the public deficit may prove to be ineffective, even counterproductive if it leads to a worsening of financial conditions and the confidence of families and businesses". Thus the governor who warns about the "risk of a 'restrictive expansion'": "the expansive effect of a budget maneuver can be more than compensated by the restrictive one linked to the increase in the cost of financing for the State and the economy" .

" Immigration can make a contribution to the productive capacity of the country, but the difficulties we encounter in attracting highly qualified workers as well as in the integration and training of those coming from other countries must be faced".

"It is necessary to intervene on the factors behind the South 's delay , one cannot just rely on attempts to compensate him with monetary transfers": so Visco. "A wider space - he says - should be destined more than to subsidies and transfers to programs more able to stimulate economic activity". For Visco, "support measures can contribute to the growth of late territories, but they must not distort the incentives of companies and workers".

Upon completion of the Union we must participate responsibly, constructively and without prejudice. The responsibilities to be shared, the objectives to be pursued, the tools to be used must be clear. "This was stated by the Governor of Bankitalia, Ignazio Visco, who quoted Elias Canetti and Ludwig Wittgenstein as" also for those who save, invest and produce, " words are actions' and that 'in darkness words weigh double' ''. The farsightedness of those who have erected the EU, recommends Visco, must return to guide today's actions ".

The minor popular banks have "still high impaired loans" and low yields and for these "the need is urgent to realize forms of close cooperation or aggregations that allow to compete on the market".

"In perspective, the country needs a broad fiscal reform ". It is one of the recommendations of the Governor Ignazio Visco in the final considerations. "By reviewing only a few concessions or by changing the structure of a single tax, we would proceed in a process of stratification. Instead we have to interrupt it, to design a stable structure that gives certainty to those who produce and consume, invest and save, with an intervention aimed at rewarding the work and encourage business activity ".

" Increases in public expenditure or reductions in revenue must be included in a framework that guarantees financial sustainability and precise intentions, priorities and sources of funding", Visco said in the Final Considerations, specifying that "so that the public budget can contribute to an increase lasting growth rate of the product requires profound interventions on the composition of expenditure and revenue ".

Source: rainews

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