Visco: shooting more ‘stronger than expected, good reforms – AGI – Agenzia Journalistic Italy

Visco: shooting more 'stronger than expected, good reforms – AGI – Agenzia Journalistic Italy

February 7, 2015 18:03

(AGI) – Milan, February 7 – Growth of Italy more ‘pronounced in 2015 and 2016 due to the effects of’ Quantitative easing ‘of the ECB, the government promoted the reform agenda that must continue, you’ to the intervention of the state in a ‘bad bank’ that detects the impaired loans on the condition that this be remunerated. Are some of the topics touched during surgery to Forex Milan by the governor of the Bank of Italy, Ignazio Visco, who also promoted the reform of banks outlined by the government, which responds to “pressing needs”.

– Growth: the estimate of GDP in 2015 rises from 0.4% to over 0.5%, and that of 2016 from 1.2% to over 1.5%. The effect of Qe and ’1% overall in the biennium: “About half’ of this effect was already ‘included in the forecasts published in the last Bulletin, further changes in interest rates and exchange rates resulting from the new measures will lead to a more ‘high output growth, currently estimated at over 0.5% this year and 1.5% next. ” For the global economy still “favorable signals emerging accompanies still a marked uncertainty. Financial conditions are favorable, but the volatility ‘markets and’ on the rise.”

– Qe: “The purchases of Italian government bonds by the Bank of Italy – according Visco – could be of the order of 130 billion euro,” the share of the total planned interventions of the ECB amounted to 1.14 trillion.

– Geopolitical Tensions: “Political tensions and may even affect the financial stability ‘of the markets’ area, but the risks of contagion are lower than in the recent past. ” The indirection and ‘crises of Greece and Ukraine.

– Reforms: “The program of structural reforms undertaken in recent years by the Government should proceed, especially in ‘implementation of what was decided. On the whole the measures introduced so far in the right direction. ” Visco cited the Jobs Act, with the first two decrees that “have expanded the protections provided by unemployment benefits and reduced the cost of the procedures for termination of employment relations and the uncertainty about their final outcomes. The law provides for accompany them with proper review of active work. ” Pending the reform of public administration “have been recently adopted measures to promote mobility ‘of public servants. A reform more’ wide, centered on increasing the transparency and simplification, and ‘subject of a bill under discussion in Parliament. Its success will depend on ‘how the general principles, shareable, find concrete implementation. ̶ 0;

– Alarm corruption: ” The intrusion of corruption and of crime ‘was organized in the economic and social fabric of remains intolerable levels. Ensuring the legality’ – has insisitito the governor of the Bank of Italy – including through greater effectiveness of the administration of justice permit efficient operation of the production system, encourages’ activities ‘business, attracting human and financial resources in the country. “

– Bad bank: , the Bank of Italy approves the establishment of a’ bad bank ‘for impaired loans that see the direct intervention of the state, as long as’ this to happen “in compliance with the regulations of the European competition, to the full involvement of banks in transaction costs and adequate remuneration of public support.” According Visco “factor receivables deteriorated and ‘crucial to allow banks to raise resources for the financing of the real economy.”