"The tax wedge on labor hampers employment and business activities" and the necessary tax cuts "can not but be selective, focusing on the work and production." He said the governor of the Bank of Italy, Ignazio Visco, the Final Ordinary Meeting of the participants at the palace Koch. Absolutely to counter tax evasion, even in the supranational dimension. "Tax evasion - said the Governor - distorts the allocation of factors of production, due to unfair competition, is an obstacle to the growth of the size of the business."
10.42 hours. Break the downward spiral in credit
To the governor in fact, "the conditions of credit supply, in turn, negatively affect economic activity in a negative spiral that you have to break." The economic situation "very unfavorable compresses today the demand for credit. The decrease in loans reflects the fall in investment companies, the fall in purchases of durable goods and housing market weakness, "said the governor of the Bank of Italy, Ignazio Visco during the annual. Visco noted that lending to businesses is limited and this is "linked to the deterioration of credit to customers and its effects on the quality of bank assets."
documentiBankitalia / Final Hours 10.40. Tensions on government bonds are still dormant
The public debt market improves thanks to the fall in yields and spreads but "tensions on the markets of government bonds are not completely dormant, uncertainties remain about the ability of banks to fully regain access to international markets, especially in segments long-term, "said Ignazio Visco, Bank of Italy governor, in his speech all'assemble annual Bank of Italy.
Hours 10.36. Effective cuts by the ECB
The cut in interest rates in the euro area "has proven effective" and the ECB is "prepared to intervene again" if conditions make this necessary, said the governor of the Bank of Italy. Visco said that "the ECB is examining, in concert with other European institutions, initiatives to promote issues of securities backed by loans to businesses." Looking at the instruments of monetary policy, "the Governing Council (ECB) is ready to intervene again, based on the information that will become available, to consider all appropriate measures to keep credit conditions throughout the area consistent with the pitch of the policy monetary union. ' The move in official interest rates has proven effective, said Visco, "The effects of reductions implemented last year have reached the most affected countries dalletensioni." However, the Bank of Italy governor recalls that "monetary policy is able to guarantee stability only if the economic fundamentals and the institutional architecture of the area are consistent with it."
10.35 am. The recovery at the end of year you can
Even 2013 would mark "a sharp decline in production and employment" but "the reversal of the economic cycle towards the end of the year is possible, 'noted the Bank of Italy Governor Ignazio Visco. The recovery 'will depend on the acceleration of world trade, the implementation of appropriate economic policies, by positive expectations and conditions for investment, the availability of credit. "
10.32 hours. Calling to politicians: more attention to the general
A recall of the Governor of the political class: "The politicians are struggling to mediate between the general interest and special interests: the citizens they receive mixed signals and uncertain."
10.31 hours. Sharp declines in employment: a risk corsione social
"This year will close with a sharp decline in production and employment," said the governor of the Bank of Italy, Ignazio Visco, warning in the final remarks at the annual meeting that "the recession is profoundly marked the production potential, would have an impact on social cohesion. "
10.30. Break the negative spiral credit-recession
"We must break the negative spiral" created by the decline in bank lending to businesses on the one hand and the decline in credit demand by companies that recorded "negatively on economic activity," said the governor of the Bank of Italy Ignazio Visconelle final considerations.
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