This, together with greater diversification of the sources of external funding, would make them stronger. Bringing financial leverage into line with the European average would require a capital increase of around € billion and an equal reduction in debt: this is an ambitious objective but one within the reach of Italian firms in the medium term.
*  *  *  We may have missed the splendid view of the beaches of Cebu, or the pine-scented Baguio breeze, or the gentle winds of Tagaytay but I was captivated by your display of the same diligence and hard work during this past day and a half as we paused and pondered on what is essential to effectively deliver our mission.