Use EU COVID funds for inclusive growth - Mattarella

Savings can help restart economy says president on Savings Day

(ANSA) - ROME, OCT 30 - 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. (ANSA).


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