The government should use European
Union COVID emergency funding to promote inclusive growth,
President Sergio Mattarella said in a message to the head of the
Italian savings banks association, Francesco Profumo, on World
Savings day Friday.
"The management of the emergency must be able to pave the way
for a shared project of sustainable and inclusive growth, using
the resources available also in the European ambit for
indispensable investments in infrastructure, narrowing the gaps,
for a country that once more offers opportunities, especially
for the younger generations," said the president.
Mattarella said that the "profound crisis" requires "urgent
measures to safeguard the present and future of our society.
He said that in this direction, "savings can help fuel the
restart".
Italy has been hit by an unprecedented economic downturn due to
the COVID crisis.
It is set to receive the largest chunk, 209 billion euros, of a
750 billion EU COVID Recovery Fund once a raft of projects are
approved.
There is a "vicious circle" between more savings and a drop in
consumption during the COVID pandemic, Bank of Italy Governor
Ignazio Visco said at the Savings Day event in Rome.
He added that "the crisis is persisting, and banks must support
businesses".
Visco urged banks to avoid accumulating non-performing loans
without indiscriminate action.
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