Fazio on outlook for the global economy and Italy

In a speech on 'The outlook for the global economy and Italy' given on 12 February Antonio Fazio of the Bank of Italy said the ECB has left interest rates at two per cent "given the expectation of inflation returning below 2pc and the still uncertain recovery" in growth.

However, Fazio said the growth outlook remained less than convincing, pointing to structural factors.

"The recovery is having difficulty consolidating itself in the euro zone," Fazio told a conference of bankers in Modena.

"Growt

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