(Finance) – The governor of the Bank of Italy, Fabio Panettastated that the global priority “must be to preserve an open world economy exchanges international“https://www.Finance.it/DettaglioNews/1_2025-01-17_TLB/.”Severing economic and commercial ties would lead to a significant loss of well-being for the world population, further weakening the multilateral framework that has supported global development since the Second World War, with effects that would end up going beyond the boundaries of economics and finance”, he underlined in his speech at the meeting “Economy and peace: a possible alliance“, organized by the Centesimus Annus Pro Pontifice Foundation in Bologna at the San Domenico Center.
“However – the governor recalled – it is necessary to correct the imbalances emerged over time, in order to prevent deprivations and frustrations from fueling tensions and conflicts”.
“The world today is faced with an increase in tensions geopolitics and gods conflicts which cannot help but alarm us. The number of wars, which decreased after the fall of the Berlin Wall, has started to grow again in the last fifteen years, reaching the highest value since the Second World War in 2023″, he underlined, adding however that “it is not only conflicts that cause concern . The denial of primary needs which still afflicts large sections of the world’s population is also a form of violence. After years of strengthening international cooperation and economic integration, history now seems to be taking a step backwards.”
Panetta outlined some lines guide such as combating inequalities, strengthening education and training systems, ensuring social protection and guaranteeing access to efficient health services and underlined that, at an international level, “a priority is the management of debt abroad of the villages more poorwhich reached i 1,100 billion dollars“.
“There globalisation it has undoubtedly led to greater integration between countries and created opportunities for economic and social progress in many regions of the world. However, it has shown clear limitations. The current commercial and geopolitical tensions are signs of a system that has failed to fully respond to the expectations and needs of the world population”, explained the governor of the Bank of Italy. “The economy seems to have globalized without a “global conscience ” – he continued –. It is necessary to relaunch theeconomic integration and the international cooperationcorrecting its defects with policies that promote sustainable and inclusive development, capable of combining growth with the overcoming of poverty, with social justice, with the defense of the environment”.
“There peace and the prosperity they are linked by a deep bond. Peace is not just the absence of conflict, but the creation of conditions that allow every individual to live a dignified life, free from fear and poverty. At the same time, prosperity that does not generate widespread well-being is ephemeral prosperity, which risks generating conflicts and instability. As he said Pope Paul VI in the encyclical Populorum Progressio “…development is the new name for peace”. Today these words remind us of the urgency of working for a more just and peaceful future of prosperity”, concluded Panetta.