Governor Visco's farewell

Governor Visco's farewell


Many topics were addressed by the governor of the Bank of Italy Ignazio Visco during his final considerations as a tenant of Palazzo Koch. Work, taxation, taxes, employment, immigration. And then the issues that animate the Italian political debate also with respect to Europe, Pnrr and Mes above all. This, however, is the concluding part of his speech. Words that give the sense of his farewell from the Palace.
«As regards the "special" institution that I have served, in different roles, for fifty years and which I am preparing to leave this year, I am sure that it will be able to base its work on this awareness in the years to come as well. We always keep in mind the need to base evaluations and decisions on information and analyzes that are as broad and accurate as possible. This, as Bonaldo Stringher said in 1900 (Gianni Toniolo reminds us of this in the volume on the first fifty years of the history of the Bank of Italy which he completed last year shortly before leaving us so suddenly), with the exclusive intention, in common, not in disagreement, with the State, "to improve the conditions of national activity and to improve its fortunes".
Today we extend this intention, sharing it in the Eurosystem, to the area for whose monetary and financial stability we have shared responsibility for 25 years, in the "governance of the euro". Indeed, as we have known for centuries, the acquisition of this awareness must also take place on a collective level. In the words of our great poet: "The Philosopher says that man is naturally a companion animal", to achieve the "happy life ... one alone cannot satisfy". Problems such as the reduction of the public debt or the adoption of lifestyles consistent with the defense of the environment require that society understand and adopt them, not because "Europe asks us for it", but because they shield us from risks and they open up opportunities. It is to this that a new collective reflection at all levels must be addressed, in order to understand its importance and decide together how to govern its effects.
The same goes for international openness, which is so important for our economy and our culture, as we have also known for centuries and despite the delay with which we have taken advantage of it in recent decades. However, we are not just “social animals”. As Yuval Noah Harari writes, the ability "not only to imagine things, but to do it collectively" distinguishes us. This ability to imagine the future will be crucial. This is why it is necessary to keep the dialogue alive, to strengthen cooperation as far as possible in a world where it is necessary to guarantee economic, health and well-being benefits for all, and to reduce, not increase, inequalities. It is up to the younger ones, less conditioned by the past, to imagine that world, to identify its opportunities. They will have to be listened to, helped by other generations to train, without constraints, to translate into realistic interventions the schemes they will be able to develop for a future world, not poorer, but safer and more just".



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