editorials
Italy’s institutions stand with Kyiv
Panetta’s speech reminds the political establishment of La Repubblica’s stance and Ukraine’s ability to defend itself with “extraordinary courage and resilience”
Photo: ANSA
“For more than a decade, and especially since the 2022 invasion, Ukrainians have defended their sovereignty and the values at the heart of the European project: democracy, freedom and the rule of law.” Fabio Panetta, Governor of the Bank of Italy, opened his speech today in Kyiv at the research conference organised by the National Bank of Ukraine and the National Bank of Poland. The topics were crisis resilience, innovation and AI. The Governor devoted the first part of his speech to what the Ukrainian experience has to teach other central banks: “credibility, which is not gained through the impact of crises but is built up and earned before they occur, which sometimes requires institutions to stand firm. And only then is it put to the test under extreme conditions”.
Panetta recalled how, following the invasion, the National Bank of Ukraine managed to maintain monetary and financial stability: in 2022, inflation exceeded 26 per cent and interest rates rose to 25 per cent, but the banking system continued to function and the central bank’s decisions ultimately succeeded in bringing inflation down. One of the key messages of Panetta’s speech in Kyiv was his “deep solidarity” with the Ukrainian cause. Two weeks ago, whilst receiving the Estonian President, President Sergio Mattarella also confirmed his full support for Ukraine. From the Quirinale to Palazzo Koch, in contrast to the opportunism of politics, Italy is acting in keeping with its credibility: support and solidarity with Ukraine is the position of the Italian state and the institutions of the Republic. It is not an issue on which to seek a compromise with the Five Star Movement, as PD Secretary Elly Schlein has stated; it is not a position that ‘drives peace away’, as members of the Five Star Movement chanted in unison at the Nova conference. Finally, Ukraine is certainly not a ‘vassal state’, as Roberto Vannacci believes, but a country which, as Panetta said yesterday, is defending its freedom with ‘extraordinary courage and resilience’.