The Italian economy is expected to grow in line with the euro area in 2022-23. The risks at global level are, however, significant. During this delicate phase, the contribution that the financial system is called upon to provide with regard to the allocation of credit flows and support to the economy is particularly important.
While domestic supply has been reasonably elastic of late, it is surely not infinitely so. And while global sources of supply are steadily becoming more important for many products, large parts of demand are still overwhelmingly supplied from domestic sources.