The impact of new US tariffs will be
stronger on Italy and Germany than other EU members, Bank of
Italy Governor Fabio Panetta told an Italian brokers forum on
Saturday.
The impact of the tariffs announced by the Trump administration
on EU GDP would be "half a percentage point", "with greater
effects for Germany and Italy, given the importance of their
trade with the United States", Panetta, said in his speech at
Assiom Forex.
"According to our estimates, if the tariffs announced in the
pre-election phase were implemented and accompanied by
retaliatory measures, global GDP growth would fall by 1.5
percentage points. For the US economy, the impact would exceed 2
points".
Panetta went on to say that the outcome of banking mergers would
be decided by the market and shareholders amid UniCredit's bid
for Banco BPM and Monte dei Pasch di Siena's for Mediobanca.
He also said that modest growth for Italy and Europe was "not an
inescapable destiny".
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