Brussels, 26 Oct 2004
The Governor of the Bank of Italy, Antonio Fazio, has called for more investment in research and innovation, saying they are fundamental factors for stimulating the economy.
Speaking at a conference on 'derivatives and financial stability' at Luiss University in Rome on 25 October, Mr Fazio explained that it is vital to invest in the future so that the next generations will not be burdened with unresolved problems, but will instead be left with a 'consolidated heritage'.
'Research and innovation are decisive to overcome uncertainty and face the future,' said the Governor. 'We must address the issue of structural reforms for the future of our country. From this point of view, research and the ability to innovate and stimulate through new specific policies are crucial.'
A modern budget, entrusted with innovative, cautious and capable operators, can help curb uncertainty and boost productive investments and economic growth, added Mr Fazio.
'We need appropriate regulations and monitoring of activities, without harming, but instead giving new momemtum to production,' he concluded.
In the first half of 2004, Italy's public deficit totalled 3.5 per cent of GDP, compared with a 1.7 per cent public deficit in the same period in 2003. Under the EU's Stability and Growth Pact, the public deficit ceiling is set at three per cent of GDP.
Mr Fazio has already made a number of calls for government measures to boost productivity and competitiveness.
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