##ial role in improving vaccine manufacturing capacity at the national or regional level, in coordination with other dfis and partners in the private sector. international coordination, sharing of pandemic plans, and collaborative disease monitoring and diagnosis are necessary steps toward long - term health preparedness and resilience. in service of health as a global public good, we should marshal resources with the help of the private sector. in this regard, the high - level independent panel on financing the global commons for pandemic preparedness and response, established under the italian presidency of the g20, will consider practicable solutions to ensure sustainable financing for pandemic prevention, surveillance, preparedness, and response. the covid - 19 crisis has aggravated debt vulnerabilities in many low - income countries. we welcome the g20 ’ s decision on the dssi final extension and commend the imf and the world bank for the support they have been providing toward a successful implementation of this initiative. the international community must now turn its attention to the “ common framework for debt treatments beyond the dssi ”, introduced by the g20 to help countries address structural debt issues. we also expect the imf and the w b to work in a complementary and effective manner, making the most of their respective areas of expertise to facilitate concrete application 1 / 3 bis central bankers'speeches of the common framework, whose success strongly depends on improving the quality and availability of debt information in both debtor and creditor countries. we reiterate our call for the private sector to take part in the dssi and wish to emphasize the importance of constructive engagement by private sector creditors to achieve the comparable treatment necessary for the application of the common framework. so far, w bg actions have rightly focused on saving lives, protecting the poor and the most vulnerable, and providing liquidity to the business sector. now, we urge a long - term perspective and we therefore welcome the w bg ’ s grid ( green, resilient and inclusive development ) framework. raising productivity, creating job opportunities, increasing resilience to shocks, and contrasting growing inequality and poverty all require pursuing a profound transformation of our economies and societies. it is crucial to exploit the potential of new digital technologies. they can make private firms and the public and financial sectors more efficient, innovative, and resilient. the greater amount of data made available by digital technologies must inform and improve our investment projects and policy making. investment in infrastructures and

italian banking association annual meeting speech by the governor of the bank of italy ignazio visco rome, 10 july 2018 cyclical conditions and the economic outlook in italy, as in the other main advanced economies, economic activity slowed in the early months of 2018, with the signs of deceleration continuing in the spring. the confidence of households and firms has nonetheless remained high, with positive indications also coming from the expansion of bank lending and improvements in the labour market. although unemployment is still above 10 per cent, employment has surpassed the peaks observed prior to the double - dip recession. in more recent months, both the fixed - term and, to a lesser extent, permanent components have recorded increases. in most of the forecasts made by national and international institutions, italy ’ s growth is expected to exceed 1 per cent on average in the three years 2018 - 20. this scenario assumes monetary policy will continue to be accommodative and financial conditions relaxed, and that there will be a favourable economic environment worldwide. in recent months, however, there has been a notable increase in the risks connected with the united states ’ protectionist policies and with disagreements on various fronts in relations between eu countries. last june the governing council of the european central bank recognized the progress that had been made towards a sustained increase in inflation rates in the euro area – progress associated with increased employment, greater use of productive capacity, accelerating wage growth, and the recovery in inflation expectations. though acknowledging that there are still ample margins of uncertainty, it was decided to recalibrate the asset purchase programme and in any event to maintain an ample degree of monetary accommodation in order to achieve the objective of price stability. if cyclical conditions in the area remain consistent with the current medium - term outlook, from october net asset purchases of securities will be reduced from the current €30 billion a month to €15 billion and will cease at the end of the year. the principal payments from maturing securities will continue to be reinvested for an extended period of time after the end of the net asset purchases. the governing council also said that it expects to keep interest rates at their present low levels at least through the summer of 2019. this prudent approach is also necessary to counter the risk of sudden surges in long - term yields and of volatility in the financial markets. given the prospects of growth and of a steady rise in inflation, italy is in a position to weather the gradual changes in the tone of monetary policy. the