· Fabio Panetta Wiki · Banca d'Italia WikiSolidarity and cooperation - from local communities to global stability
Read full speech on bis.org ↗ContextOpening speech in Rome at a conference on cooperative financial institutions in the 21st century; the Bank of Italy safeguards price and financial stability and supervises many small cooperative banks.
Why it mattersThe Bank of Italy Governor proposes pairing debt relief with reforms and debt-for-development swaps.
Problems raised
- Developing countries face a heavy debt burden.
- Debt relief alone does not fix institutions.
- Solidarity with future generations is needed.
Solutions proposed
- Give a coordinated global response on debt.
- Pair debt relief with institutional and tax reforms.
- Use debt-for-development swaps for education, health and climate.