Panetta, Gentiloni and Lagarde. Photo Lapresse
Bank of Italy, all the challenges awaiting Governor Panetta
Fabio Panetta will be the next governor of Bank of Italythe decision was made official yesterday by Cabineta choice in continuity with the line Draghi by Prime Minister Meloni to replace the outgoing Ignazio Visco. But his task – we read in Repubblica – will not be easy, the pitfalls that await him are many: from the rate hike in the EU, al Pnrr until a month.
Not to mention his battle against colleagues hawks on the board of the Bce and its history fight against cryptocurrencies. In Frankfurt, he will leave a chasm. Very listened to by Christine Lagardehe has been insisting for months because the ECB you don’t strangle the growth in order to satisfy the fear of inflation of the Nordic colleagues. Never hawks are predominantly. And they ignore even the most obvious signs that interest rate hikes are choking growth and unnerving markets. Moreover, in recent months Panetta has always been the first to become a lot explicit towards the companieswhen the ECB began to understand which side of inflation current is due to their greed: “We risk one profit-price spiral“.
Read also: Bank of Italy, CDM starts the process of appointing Fabio Panetta as governor
Read also: Bank of Italy doubles its estimates for GDP in 2023: from +0.6% to +1.3%
Panetta – continues Repubblica – has been carrying on for years one fight against cryptocurrencies. According to the next governor, bitcoins and the like, if not regulated by a central bank, are comparable to a colossal casino. But one of the merits of him as a formidable popularizer was also to debunk the thesis of the 5Stelle who saw in bitcoins the salvation of the people plundered by the Scrooges of Palazzo Koch. “There are those who ask to restore the “money to the people” taking it away from the Bank of Italy”, he chuckled. I would like to remind you, she sank, that “the Bank of Italy transfers the proceeds deriving from seigniorage – many billions every year – to the Italian State. And then to the people“.
Subscribe to the newsletter