The rush to tariffs "could subtract almost a percentage point from global growth over the next two years" and is "pushing the global economy onto a dangerous trajectory" already putting 5% of global trade at risk. This was stated by Bankitalia Governor Fabio Panetta, speaking of the "widespread sense of uncertainty" generated by US tariffs.
"It is surprising," Panetta added, "that the exchange of goods continues to represent the main area of confrontation in the current trade disputes" despite a "large surplus" of the US, also with respect to the EU, in services, especially digital .
“Insidious risks arise from the concentration of power in a few large global companies, which drive technological innovation, control huge volumes of data and threaten competition .”
Turning to Italy: "The path to recovery of public finances is only just beginning. Debt remains high and, in the coming years, spending will be subject to pressures linked to the aging of the population, the green and digital transitions, and the strengthening of defense capacity."
The governor of the Bank of Italy underlined the "progress" made by Italy that "has been reflected in the positive judgments expressed by the rating agencies", but stressed that "the path to recovery of public finances is only just beginning". It is necessary to "maintain a prudent budget policy and intensify reforms for growth" . The governor speaks in several places of an improvement in the country, from the "signs of a newfound economic vitality" to the positive sign of labor productivity and the capitalization of companies. And despite the difficulties, "Italian industry is not destined to decline".
(Online Union)
