Ignazio Visco: 2012 World Savings Day Address by Mr Ignazio Visco, Governor of the Bank of Italy, at the 88th World Savings Day, organized by the Association of Italian Savings Banks (ACRI), Rome, 31 October 2012. * 1.
*  *  Savings and the financial system  Savings constitute a fundamental raw material for the balanced development of a country, making it possible to finance investment without running an external deficit. Savings make households less vulnerable to cyclical downturns, so that they can look to the future with confidence.