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by Tiziana Di Giovannandrea 17 April 2020 The Governor of the Bank of Italy, Ignazio Visco, in a conference call at the 101st Meeting of the Development Committee of the World Bank and the International Monetary Fund (IMF) in Washington, highlighted how the economic crisis linked to Coronavirus "it affects us deeply and significant economic suffering seems inevitable in all countries". 

Visco stressed that "the crisis we are facing is unprecedented in speed, spread and depth".

The Covid-19 pandemic will mean that "the risk of financial instability will inevitably be high. The tax that the real economy will have to pay will be relevant for workers and businesses ".

"This exceptional situation - he added - requires actions to be taken at all levels: national, regional and global. Indeed, precisely because the crisis is global, the response must be global . Greater coordination between countries in response to the pandemic will allow we all want to get out of it together, earlier and at a lower cost. And we must recognize that significant external assistance will be needed. "

The effects of the Coronavirus crisis "will be more acute in the poorest and most fragile countries " said Visco again, underlining: "It is important to engage with economically less advanced countries with all available means. Developing countries are not a world apart: many of them are active in global supply chains and will remain an important part of the global economic recovery. The World Bank Group (Wbg) - he explained - acted quickly to respond to the emergency created in various countries of development due to the shock to health systems, showing that it is able to respond effectively and promptly to a rapidly changing situation. " The size of the initial response of the Wbg - according to Visco - "was significant, but more needs to be done".