Visco: Italy Should Not Expect Free Help From Europe

Visco: Italy Should Not Expect Free Help From Europe

Ignazio Visco, President of the Central Bank of Italy, talked about the economic difficulties brought by the coronavirus (Covid-19) outbreak. Italian Central Bank Visco made a statement at a conference and proposed a "comprehensive reform package" as part of the fight against the crisis. Many bankers, economists and press members attended the conference via the internet. Speaking at the annual meeting of the Central Bank of Italy, Visco said that Italy should not 'expect free assistance' from Europe in order to fight the crisis. Ignazio Visco, President of the Central Bank of Italy, said: "Europe's debt is everybody's debt, and Italy will always make a major contribution to European initiatives. The Commission's proposal is not about loans, but grants, but a common response to recovery funding. This may be the first step for financial unity and completion of the European project." Italy, which was highly affected by the coronavirus (Covid-19) epidemic, entered a severe recession as a result of nationwide production and travel to a halt. Italy, the third largest economy of the European continent; In the first quarter of 2020, it experienced a narrowing beyond the estimates. According to the data announced by Istat, the growth of Italy was revised to minus 4.7 percent and minus 5.3 percent.