Bank of Italy Governor Ignazio Visco
stressed the importance of getting cracking with the EU-funded
post-Covid National Recovery and Resilience Plan (NRRP) on
Wednesday in his final 'Concluding Remarks' address as head of
the central bank.
The NRRP seeks to make the Italian economy greener and more
modern, with projects financed by almost 200 billion euros in EU
grants and low-interest loans on condition that all agreed
targets are met by 2026.
Rome wants to negotiate with the European Commission to revise
the plan due to problems in getting some of the related projects
and reforms completed by the required deadline.
The Commission is still making assessments on implementation of
the plan for a decision on approval of payment of the delayed
third tranche of funding worth 19 billion euros,
"Improvements to the NRRP are possible, but there is no time to
waste," said Visco, who is stepping down as bank of Italy
governor in November after 12 years.
"The plan is a rare and, on the whole, valid attempt to set a
strategic vision for the country.
"It is crucial to implement the ambitious programme of reforms
contained in it, the wait for which has been too long".
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