Pier Carlo Padoan, the Italian minister of economy and finance, visited London yesterday to deliver a keynote speech at the UBS European conference. This annual event, organised by the UBS banking group, is attended by economics and finance experts and investors and examines the biggest challenges to the world economy.
In his speech, the minister highlighted the encouraging nature of recent economic indicators in Italy: GDP growth of 1.5%, the recovery of domestic demand, employment growth, and consumption boosted in recent years by numerous reforms and by the generally improved European economy. in an interview with Class CNBC, the minister observed that Italian banks are recovering, with a 25% reduction in the stock of net bad loans.
In the evening the minister attended the inauguration of the exhibition Ferrari: Under the Skin, which marks the 70th anniversary of the Prancing Horse, at the Design Museum. Twelve rare models are displayed, some of them on loan from renowned British individuals. Other exhibits include models from the Ferrari museum in Maranello, illustrate the mechanical and technical aspects of the the cars.
Lord Peter Mandelson, the chairman of the museum’s board of trustees, gave a speech in which he defined Ferrari as “the haute couture of vehicle design”. He also thanked the Italian Trade Agency, one of the sponsors of the inauguration event. The exhibition will be open to the public from 15 November 2017 to 15 April 2018.
The minister also met the editorial committee of the Financial Times and The Economist to brief them on the reforms and other recent developments in economics and finance in Italy.
