Fabio Panetta, a member of the European Central Bank"s Governing Council and Bank of Italy governor, emphasized the need to cut interest rates to a neutral level to support economic growth. He stated that restrictive monetary conditions are no longer necessary and called for a normalization of the monetary policy stance, potentially moving into expansionary territory if required.
Italy's economy is facing significant challenges, with growth expected to fall below government targets and manufacturing turnover declining sharply. High electricity costs and a global industry slowdown contribute to the crisis, while employment figures mask underlying productivity issues. The National Recovery and Resilience Plan's unclear execution raises concerns about the country's economic future.
Fabio Panetta, a member of the European Central Bank's Governing Council, emphasized the need for further rate cuts to prevent inflation from falling below target levels. He noted that current monetary conditions remain tight and highlighted concerns over the sluggish real economy, which could exacerbate inflation risks if not addressed.
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