Giovedì, 18 Ottobre 2018
ROME

Bank of Italy chief says spread offsetting reforms

English
© ANSA

Rome, October 31 - The head of the Bank of Italy on
Wednesday said economic reforms in the country will not be able
to take full effect if the spread between Italian 10-year bonds
and the German benchmark remain high.
"They will not be able to deploy their full effects if
doubts and uncertainties remain over the future," said Ignazio
Visco.
The spread, an important indicator of investor faith in
Italy's ability to weather the euro crisis, was 344.8 points on
Wednesday.
Italian Premier Mario Monti has been trying to get the
figure down since taking the helm of a government of
non-political technocrats nearly a year ago, instating a series
of austerity measures and economic reforms.
Visco said Wednesday that those reforms will have positive
long-term effects, despite enduring problems such as rising
unemployment and public debt in the short-term.
"The budgetary measures implemented by the Monti government
could not but have a negative impact on short term economic
trends, but they avoided scenarios far worse than what we
presently see," he said. "We will need to move towards even more
austerity".

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