In Italy "the reform action has lost strength over the past year, also due to the progressive deterioration of the political climate”. The governor said so Ignazio Visco in the final considerations atassembly of the Bank of Italy. “In taking it up decisively – he added – as the European Commission also encourages us to do in the recommendations accompanying the proposal to close the excessive deficit procedure, it is essential to follow a comprehensive approach, which immediately sets the objectives in a medium-term period".
According to the Governor, Italy has not been able "to respond to the extraordinary geopolitical, technological and demographic changes of the last 25 years" and “the adjustment requested and so long postponed has a historic significance. It has implications for the methods of accumulation of tangible and intangible capital, specialization and productive organization, the education system, skills, employment paths, the characteristics of the welfare model and income distribution, annuities incompatible with new competitive context, the functioning of the public administration. It is an adjustment that requires the decisive contribution of politics, but the response of society and of all the productive forces is essential".
