Ordinary Meeting of Shareholders - Rome, 31 May 2012

Ordinary Meeting of Shareholders - Rome, 31 May 2012"I take the floor at this meeting for the first time in trying days for our country and for Europe. Days in which we must all - government, institutions and individuals - perform our roles with care, to the best of our ability, because only if everyone does their duty can a solution be found to the crisis we are experiencing. This is the spirit in which the consequences of the grave and tragic earthquake that has hit the region of Emilia must be tackled. As on similar occasions in the past, the Bank will not fail to provide assistance. [...]

[...] Italy has important tasks to perform. It has already begun to work on three different but interconnected fronts: a public sector that keeps its accounts in order, is not wasteful, and facilitates the economy; a sound and efficient banking system; and a productive system that is capable of innovating, competing and growing. [...]

[...] Economic policy action can be undertaken serially, one matter at a time, but the overall design and the stakes must be clearly communicated and reasserted. Getting out of this tight spot will impose costs on all of us. They are bearable costs if they are properly shared and seen to have a clear purpose. The journey will not be short.

Italian society cannot avoid confronting a changed world in which no position rents are allowed. At the same time, politics must ensure the prospect of a profound renewal that nourishes hope and responds to the aspirations of the younger generations."