Catania

18-19 September 2024

After the Covid-19 pandemic, the economy of southern Italy recovered better than that of the rest of the country: between 2019 and 2023, GDP, exports and employment grew more in the South than in the Centre and North. This is not only due to emergency aid: there have been improvements, such as the spread of new technologies in companies and the halving of the duration of civil trials. However, to continue this progress, the right development policies will be needed. Which ones though? The people of Catania received an answer from Fabio Panetta, Governor of Banca d'Italia, during the 'The Pulse of the Economy - Il Mezzogiorno' event, held on 19 September at the Palazzo degli Elefanti.

'The South is an important area of Italy and an opportunity for the country's growth', said the Governor, but in order to reduce the longstanding development gap with the Centre and North, its productive capacity must be increased. To achieve this, infrastructure interventions are needed, such as combating the water crisis, reinforcing the electricity grid, improving road and rail networks, and strengthening ports and airports. Additionally, the quality and efficiency of public services such as schools and justice must be improved. It is also necessary to strengthen legality and ensure the correct use of public resources.

The Governor observed that the time is ripe for development interventions: many European funds are available through the National Recovery and Resilience Plan (NRRP); moreover, the international situation may make the South more attractive for companies looking to relocate production. To seize these opportunities, however, the local production context must be improved, and policies to attract private investments should be strengthened. 'Investors should be offered a simple administrative context, a system of incentives and a stable and certain regulatory framework over time'.

The Governor's speech was preceded by formal greetings from Enrico Trantino, Mayor of Catania, and Gennaro Gigante, Director of the local Banca d'Italia branch. This was followed by a roundtable moderated by Roberto Napoletano, Director of the Mattino newspaper. Francesco Priolo, Rector of the University of Catania, highlighted the importance of university collaboration with businesses. Giuseppe Notarnicola, President of STMicroelectronics Italy, emphasized the attractiveness of the Catania area for investors, and Maria Cristina Busi, President of Confindustria Catania, highlighted positive data regarding the local production system.

The day before, on 18 September, the 'Beware of Online Scams!' event was held at the University of Catania, where Banca d’Italia talked to people about how to protect themselves from the most dangerous frauds in electronic payments. Maria Carmela Librizzi, Prefect of Catania, professors Anna Maria Maugeri and Aurelio Mirone, Marcello La Bella, Head of the Polizia Postale (Postal Police), Francesco Tanasi, the national secretary of Codacons, and Banca d’Italia expert Paola Balestra all participated in the event.

On the same day, the local Banca d'Italia branch held an open day, showcasing the artwork on its façade, a giant, colourful mural called 'Banco di vita', which was inaugurated last December. During the open day, visitors had the opportunity to learn more about the Bank's tasks and services and take part in financial education workshops.