“Once considered an unstoppable process, the globalization is now put to risk dai conflicts geopolitical"Said the Governor of Bank of Italy, Fabio Panetta, during his opening speech at the conference “Partnering for Africa's Prosperity”, underway in Rome and jointly organized by Bankitalia, the Ministry of Economy and Finance, and the World Bank Group. Panetta then warned: “The wars underway at Europe's gates threaten international trade and the stability of economies”. development of Africa, he added, is essential “to ensure a stable economy throughout the world and guarantee a future for the hundreds of millions of young people who enter the African workforce every year”.
Globalization at risk, new alliances needed to face global challenges
“The international community today faces extremely complex challenges,” Panetta said, highlighting how the shocks of recent years, from the pandemic to Russia's aggression in Ukraine, to the energy crisis, have accentuated “protectionist orientations“, threatening “international trade and the globalization itself."
In front of the "fragmentation of global trade”, Panetta highlighted how “major economies have become reluctant to establish trade ties with countries with which they do not share established political, economic and cultural affinities”. This risk, Panetta said, could lead us “back to a world divided into economic, political and even military blocs”, threatening “those principles of international cooperation and multilateralism that, after the Second World War, supported global economic progress and maintained peace among the great powers”.
The Mattei Plan and Italian support for Africa
About theAfrica, Panetta reiterated our country's strategies: "Italy is at the crossroads of Mediterranean, a unique position that allows it to play an important role in the development of the African continent. The Mattei plan, recently launched by the Italian government, reaffirms the commitment to achieving the objectives of fighting poverty, reducing inequalities and promoting sustainable growth, while addressing the urgent challenges that affect the entire world: climate change, pandemics and migration”, explained Panetta. “The Plan – he added – represents a tangible sign of Italy’s intention to implement large-scale projects in partnership with African countries” and “this would contribute, among other things, to alleviating the inevitable migratory pressure that is looming in the coming years”.
The World Bank's historic contribution
“This year marks the80th anniversary of the Bretton Woods Conference, a historic event that laid the foundations for international economic cooperation in recent decades,” Panetta recalled. “For eighty years, the World Bank has played a key role in promoting sustainable development, reducing poverty and improving global infrastructure.”
Panetta finally recalled the long relationship between Italy and the World Bank Group: “Italy has been a member of the International Bank for Reconstruction and Development since 1947 and was among the first countries to receive a loan for reconstruction after the Second World War,” the Governor stressed. Since the 50s and 60s, Italy has continued to finance the World Bank Group, with total contributions of approximately one billion dollars, and since 1960, the year in which the International Development Association was created, it has supported all 20 cycles of resource replenishment, with a contribution of over 12,4 billion dollars.
