Fabio Panetta: Credit and the financing of firms Address by Mr Fabio Panetta, Deputy Director General of the Bank of Italy, at the Federazione delle Banche di Credito Cooperativo Lazio Umbria Sardegna, “Reload Banking. La Banca del domani per un nuovo sviluppo dell’Italia”, Rome, 21 June 2013. * 1.
*  *  The macroeconomic environment and the credit market  Euro-area GDP continued to contract in the first quarter of 2013, with the cyclical weakness spreading across countries. Domestic demand is reflecting the impact of private and public sector deleveraging and the worsening of credit conditions. Exports declined for the second successive quarter.