Italy should not rely on the European Central Bank to finance its public debt of 2.7 trillion. He should instead use the high level of private savings and state assets to maintain it, stressed the head of the country’s largest bank.
“It does not make sense for me to talk about energy independence and not about financial independence,” said Carlo Messina, Intesa CEO.
He stressed that Italy needs to increase growth and adopt measures to reduce its public debt, so as not to rely on bond purchases by the ECB to keep debt costs under control.
“If I were in Germany, I would also have some issues if he was looking at the € 10 trillion in Italy’s private savings and you wanted the ECB to finance the debt. One has to make one’s own destiny if one has the power to do so. And “Italy has that power,” Messina added.
Source: Capital
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