Checking the economy minute by minute? Mistake. Visco’s other lesson

Although annual, the Final Considerations of the Governor of the Bank of Italy always have a scope that goes beyond that of a single accounting year. They often rely on the memory of the Institution to push forward where the fog is sometimes particularly thick. This is particularly true for the Final Considerations delivered two days ago, on the ritual date of 31 May, whose background was unequivocally that of fifteen years – the last – marked by a major financial crisis, by the subsequent sovereign debt crisis, from the pandemic emergency, from the war events in Eastern Europe, from the repeated signals sent by climate change, and finally from a persistent and incessant uncertainty. But, unlike what happened on other occasions, in Wednesday’s final remarks, the Governor wanted to draw specific prescriptions from the events of the last fifteen years – which also have not been lacking – method indications. Lessons that every ruling class and every community should make their own because our daily lives are made up of apparently extraordinary but, in reality, anything but unprecedented events.