"The situation is very uncertain even in the final conclusions. The two terms I have used most are Ukraine and uncertainty. It is always difficult to make predictions and assessments. This is not the place to make them".
Thus the governor of the Bank of Italy, Ignazio Visco, on the impacts of the war on the economy at the Turin Economy Festival.
"The situation is certainly more unfavorable than what we anticipated last January as well. We made a mistake on the war and we are not great experts in geopolitics, but many did not understand. The evaluations that were there at the time were based on the strength of the PNRR".
"The minimum wage has various positive effects - explained Visco - the risk lies in the level because if it is excessive it can lead to not employing people who may instead want to work below that level and who have a productivity that is substantially unable to reach at that level there, but I think it is not such an important thing. What is important is not to tie automatisms to the minimum wage that can then cost us, for example a minimum wage that is fully indexed to consumer prices if it becomes the reference model for all wages, all bargaining, it directly incorporates that automatic mechanism. We must increase productivity, if wages grow too. "