Home Business The call from Carlo Messina (Intesa SanPaolo) to lock down BTPs: ‘Italian savings support public debt, GDP growth is an obsession’

The call from Carlo Messina (Intesa SanPaolo) to lock down BTPs: ‘Italian savings support public debt, GDP growth is an obsession’

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Intesa SanPaolo number one Carlo Messina invites Italians to channel their savings towards Italian public debt and underlines the importance of GDP growth, stating that it must be an obsession. Messina spoke on the occasion of the new agreement between Confindustria and Intesa Sanpaolo that was signed today: an agreement signed by Messina and the number one of Confindustria Carlo Bonomi, which will make 150 billion euros available to Italian companies to promote the evolution of production system in a joint path based on the 3 drivers “Competitiveness, Innovation, Sustainability”, fundamental for growth and in line with the NRP.

On the occasion of the agreement, the head of Intesa SanPaolo underlined, speaking of Italy, that “we have a very high degree of dependence on the ECB and in a prospective scenario we must regain the degrees of independence that every country must have”. That is to say? “The savings that exist in Italy must support the Italian public debt”. And “it is not a sovereign measure, but a way to maintain strategic margins of freedom”. In short, “we must try to allocate shares of Italian savings to the financing of the public debt and at the same time have a growth in GDP”. A GDP growth that is certainly more solid than the numbers of the past before the outbreak of the Covid-19 pandemic.

“We cannot afford to grow at levels between 1.5% and 2% from 2023, because if we do not grow beyond 2% we will have a problem with public debt, especially when there will no longer be the driving force of Mario Draghi’s reputation”, explained Carlo Messina.

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“Our country registers a consistent and higher recovery than the European average – pointed out the CEO of Intesa SanPaolo – Now the real challenge, also at the basis of this agreement, is to ensure that this recovery is consolidated over time and is widespread, giving life to a structurally more robust economy, capable of sustaining levels of GDP growth that are stably higher than those we are used to “.

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