In the traditional Final considerations of May 31st the Governor of the Bank of Italy, Ignazio Visco, in the presence of only 50 guests for reasons of social distancing, will today express his judgment on the first 100 days of government of his predecessor Mario Draghi.
Visco will start from state of the fight against the pandemic, whose path affects the economic recovery, to appreciate the acceleration of vaccination plan and to evaluate the effects on the Italian economy, expected to see a vigorous rebound in the last part of the year, within the framework of the promising international situation.
But surely Visco will not fail to mention that the return to stable growth strength of Italy after twenty years of stagnation or recession passes from the shock therapy of the reforms that Europe asks of us and that Prime Minister Draghi wisely linked to the PNRR for the implementation of the Recovery Plan on which the over 200 billion that the EU has promised us if we do our duty with intelligent management of the economy and precisely with reforms. On some of them, and in particular those of the tax authorities and the Public Administration, it is possible that the Governor will also express assessments and advice on the merits.
A clear word is also expected from Visco on theinflation, on which the stock market trend and above all the monetary policy of the central banks depend: is it reasonable to think that the rate hike and tapering are not around the corner and that at least until 2022 the ECB's monetary policy will remain expansive?
A chapter that cannot be omitted from the Final Considerations concerns the following the banks and the need for Italy to continue on the path of consolidation after the two victorious takeover bids by Intesa Sanpaolo on Ubi and Credit Agricole on Creval which are now awaiting a response from Unicredit, which must strengthen the retail branch, and other mergers which could soon have Unipol-Bper and Banco Bpm as protagonists, without forgetting the future of Monte dei Paschi from which the Treasury has undertaken with the EU to leave within a few months and which could be divided into several parts to favor a definitive placement within the within the banking system.
