Italian President Sergio Mattarella, in his Republic Day speech, emphasizes the importance of unity and solidarity. He praised the efforts made during the pandemic and highlighted the need for economic recovery and social cohesion. Among others, Mattarella also mentioned the challenges of climate change, urging international cooperation.
From the Banca D’Italia Annual Report, it can be pointed out that Russia’s invasion of Ukraine marked a turning point in international relations and has greatly affected global growth, inflation, and trade. Tensions between countries have reached levels not seen since the Cold War. There have been exceptional rises in energy prices, contributing to a sharp and widespread increase in inflation, matched by a rapid tightening of monetary policies in almost all the major advanced economies, and global growth has slowed at a time of great economic and political uncertainty. Government authorities, especially in advanced countries, have intervened in support of households and firms in order to mitigate the impact of the energy crisis. Higher energy prices have led to a massive transfer of wealth from oil- and gas-importing countries to oil-and gas-exporting countries and to a rapid change in the geography of trade in these commodities linked to energy security. Tensions have also affected exports of agricultural products and fertilizers, jeopardizing the food security of the poorest and most vulnerable economies. In many low-income countries, the worsening trade balance, combined with lower net capital inflows, has exacerbated the problems in public finance management, requiring debt restructuring negotiations to begin in several cases. Against the backdrop of a serious deterioration in international relations, the resolution of differences and dialogue have continued in the arenas of international cooperation. However, these diplomatic initiatives have encountered obstacles, in part because the strategic conflict between the world’s two leading economies, the United States and China, has become more intense.
In his final considerations, the Governor of the Bank of Italy Ignazio Visco stressed the importance of sustained economic recovery and the need to address structural issues in Italy’s economy. He highlighted the impact of the pandemic, noting that there are still vulnerabilities and uncertainties that need to be carefully managed. Visco called for a coordinated effort between monetary and fiscal policy, and structural reforms to foster sustainable economic growth and reduce inequality. Italy’s approval of the European Stability Mechanism (ESM) is crucial in this process.
Many updates in company matters. The handover of the Isab refinery from Lukoil to Goi Energy took place, securing the plant’s operation and ensuring the crude oil supply. Eni announced its new board of directors, led by Claudio Zafarana and including Claudio Descalzi as CEO. Enel underwent a board renewal, with Paolo Scaroni elected as chairman and Flavio Cattaneo as CEO.
The company also approved its 2022 budget and a buyback plan. Gruppo FS appointed Gianpiero Strisciuglio as CEO of Rete Ferroviaria Italiana (RFI), while Dario Lo Bosco became chairman. Intesa Sanpaolo reached an agreement with unions regarding employee bonuses, fostering better relations between the bank and the unions. ITA proceeds with Lufthansa for the German group to enter its capital, pending regulatory approval. Leonardo appointed Roberto Cingolani as CEO and General Director, and new board members were elected. Pirelli faced a freeze on its new Chinese pact due to golden power considerations, while Rai saw changes in its leadership, with Roberto Sergio appointed as CEO and Giampaolo Rossi as General Director. Vivendi proposed Luciano Carta as a board member for TIM, signaling a shift in the company’s board composition. Overall, these developments reflect a mix of changes in leadership positions, business transactions, and challenges faced by Italian institutions and companies. The focus remains on economic recovery, international cooperation, and ensuring the stability and growth of various sectors in Italy.