Not quoting directly the political scenario is the chaotic, which is determined after the judgment of the Consulta on the Italicum, divided between the vote immediately, the elections in 2018, and middle way, but the call of the governor of the Bank of Italy, Ignazio Visco, from the stage of the congress Assiom-Forex, the doubts and the stalemate that beset the political forces is evident. Visco speaks of an uncertainty, that of the "political determination" in the field a strategy of modernization of the Country, on which it is necessary to raise the guard. The markets are no joke, the spread is rising, the rating agencies do not smile in Italy, the growth of Gdp to 1% in the next three years is subject to risks. All factors related to the same element, which is the common basis of a policy which speculates on which direction to take the Country to the uncertainty.
The Bank of Italy try to throw an item to address in a political debate fluid, where the tensions internal and external to the parties still do not perceive a solution to the triad of duration of the government-election law-voting. And this element is called stability. Don’t mess with the fire, in other words, because the Country is "burdened" by a public debt that is heavy and "persistent structural problems". Palazzo Koch, the road is a: stability and reforms. Concepts that Visco stresses many times in talking to the more than 1,400 delegates of the world financial and banking flocked to the Fair of Modena in order to understand where a world scombussolalo also by external factors, such as the protectionist policies of Donald Trump in America, and the interior, with the banks in trying to solve problems such as recapitalisations difficult and the disposal of nonperforming loans.
Visco plays the card of the straight bar, of the need to insist on reforms, “keyword” of the government Renzi and that today, with the executive led by Paolo Gentiloni, seems to have crumpled under the blows of a political debate, all aimed to understand if they rush to the polls tomorrow, or to wait, based on the outlook and the conveniences of the different political parties. The Bank of Italy invites, in fact, do not make the error of continuing in this impasse. The crisis is ‘ yes ‘ to the shoulders, but the recovery continues "gradually," and, above all, a stable and lasting growth is still to be written. That’s why, insists Visco, are not allowed "second thoughts, delays, and resistances".
Gdp +1% in 2017-2019, but the scenario is at risk The gross domestic product will grow by around 1 percent a year over the next three years, but emphasizes the governor of the Bank of Italy, this scenario is "subject to risk s". That’s why you need to consolidate the growth and investment should resume, but above all we must continue on the path of reform. The signs are all there, starting from the thermometer of the spread that clearly shows: the yield differential between the Btp ten-year and the German counterpart is about 50 basis points higher than the average value of the first part of 2016, and is expanded "not just" the gap with Spain.
the crux of The Npl for the banks. Visco: No sale immediate for strong institutions
The problem of non-performing loans must be dealt with "firmly", but it is necessary to put in field assessments, a case-by-case. For institutions more solid, in fact, according to the Bank of Italy, there is no need to surrender "immediately," the suffering on the market. "The mass of non-performing loans of Italian – stressed Visco – has been the object of strong attention, in addition to supervisory authorities, markets and international observers. Their management should be addressed with care".
The 20 billion of the Government to help the banks? "Enough,"
The resources made available by the executive with the decree 'save-save', equal to 20 billion euros, "are enough." No worries, then, for the Bank of Italy on the ability to cope with the available resources to the needs of other banks to put in place the recapitalisation. 20 billion, in other words, enough for the Mps and also for the other institutions in difficulty, such as the Popolare di Vicenza and Veneto Banca.
The concerns of the bank of Italy the policies of the Trump
The moves protectionist of the president of the United States, Donald Trump, can lead to similar interventions in other Countries and determine the risks to global growth. "The declared intention of the american administration to slow down or reverse the process of liberalization of trade, and the actions already undertaken to this end, are likely to trigger similar actions in other Countries, with adverse outcomes on overall growth," stresses Visco.
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