- CNTV English - CCTV News

EU-level actions needed to restore confidence: Italian Banking Association

11-24-2011 10:20 BJT

MILAN, Italy, Nov. 23 (Xinhua) -- The debt crisis plaguing several eurozone countries requires European Union (EU)-level actions to restore market confidence, the head of the Italian Banking Association (ABI) said Wednesday.

"Each country can do its part to restore the confidence of international markets," said Giovanni Sabatini, general director of the ABI, adding that Italy would play a more active role under new Prime Minister Mario Monti's technocrat cabinet.

"But in order to solve this crisis of trust, EU-level actions are needed, as Europe must show a strong and immediate will to support the euro through implementing adequate reforms," he said.

He said Italy was harder hit by the crisis than other countries due to its high public debt, but that the country's fundamentals were solid.

"Italy's aggregate debt -- which is the sum of public and private debts -- is aligned with the French aggregate debt and slightly higher than the German one, while it is lower than the British and Spanish ones," he said.

He pointed out that Italian families have low levels of debts, owning consistent financial assets instead.

"In Italy, the average financial wealth amounts to 350,000 euros (some 476,000 U.S. dollars), while the average debt is 75,000 euros (some 102,000 dollars)," he said, adding that the banking system is solid as well.

Italian banks are well capitalized and operating according to a commercial business model, and they do not own toxic assets, the general director said.

Sabatini stressed that Italy's real challenge is resuming growth. "as such a high stock of public debt needs a higher growth rate in the medium and long period in order to be paid off."

The ABI and leading entrepreneurial associations had earlier elaborated a plan containing concrete proposals aimed at funding families and enterprises, he said, "because these are the wheels of growth."

Editor:Wang Xiaomei |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program