ignazio visco : economic developments in the euro area and italy, monetary policy, credit and banks speech by mr ignazio visco, governor of the bank of italy, at the 21st assiom ( the financial markets association of italy ) forex congress, milan, 7 february 2015. * * * the positive signs emerging from the global economy are still accompanied by marked uncertainty. while growth has accelerated in the united states, it remains weak in japan and is slowing in china and in other emerging economies ; in russia it is contracting rapidly. the slump in oil prices may bolster economic activity in the advanced countries but it is also the result of weak demand ; it must be prevented from entrenching expectations of deflation. financial conditions are favourable, but market volatility is on the rise. economic developments in the euro area and italy the euro area is struggling to re - establish satisfactory rates of growth and unemployment is still very high. while consumption has picked up somewhat, domestic demand has been held down by investment, which contracted in the second and third quarters of 2014. the difficulties are widespread : average area - wide gdp growth is no higher than the modest rate recorded for the group of countries directly hit by the sovereign debt crisis. after a long series of unexpected drops in consumer price inflation, in december the twelvemonth variation was negative in eleven countries and, for the first time since october 2009, in the euro area as a whole. nowhere did inflation top 1 per cent. preliminary estimates indicate that in january consumer prices fell by 0. 6 per cent, and by 0. 4 per cent in italy ; this does not just reflect the drop in energy prices, as even without this component inflation has reached an unprecedented low of under 0. 5 per cent in the euro area. medium - and longterm inflation expectations have been affected and this downward shift must be countered with firmness. in the first week of february the expectations implied by five - year inflation swaps were still 0. 7 per cent and those for the five to ten year horizon were 1. 6 per cent. italy is among the countries that are struggling hardest to make a start on the road to recovery. gdp has been declining almost without a break for three years and is expected to show no increase in the last quarter of 2014, mainly owing to the further contraction in investment, which is more than a quarter below the level of 2007. the latest data point to some encouraging developments for both the euro area and

ignazio visco : address shareholders at ordinary general meeting of address by mr ignazio visco, governor of the bank of italy, at the ordinary general meeting of shareholders, rome, 31 march 2021. * * * ladies and gentlemen, the unprecedented global crisis caused by the covid - 19 pandemic continues to take a heavy toll on the economy and on the social fabric. the containment measures in place require restrictions on production activities, limitations on personal mobility, and prolonged periods in which in - person learning in schools and universities is suspended. as with last year, arrangements were made to ensure that the meeting of shareholders could be held regularly and with no risk. the pressure on the healthcare systems is still high. the launch of the vaccination campaigns in italy and in the rest of the world induces cautious optimism about the future. nevertheless, uncertainty remains high concerning the course of the health - related crisis and, consequently, the economic outlook. in 2020 and in the early months of 2021, the bank of italy ’ s board of directors approved 34 extraordinary contributions – amounting to about €85million – in the form of charitable donations, most going to projects that could be rolled out immediately to boost the national health system ’ s ability to counter the spread of the virus. an initiative in favour of the families of the doctors and nurses who lost their lives to covid - 19 is at an advanced stage. since the onset of the crisis, the eurosystem has approved monetary policy measures of exceptional magnitude to counter its impact on the economy and on inflation, to preserve favourable financing conditions for households and firms, and to assuage tensions in the financial markets. we will continue to act decisively for as long as necessary. the composition of the governing board has changed this year. on 13 february, daniele franco took on the role of minister of economy and finance : we wish him well at his new job and thank him for the important work he has done for the bank of italy. luigi federico signorini was appointed to replace him as senior deputy governor. late november of last year saw the passing of vincenzo desario, who served as the bank ’ s then director general from 1994 to 2006, and was later made director general emeritus. he joined the bank in 1960, where he enjoyed a long career, first as a supervisory inspector, before becoming central manager for supervision. we remember him fondly, thankful for the personal and professional legacy he has left us. the