A speech by the Governor of the Bank of Italy explores the complex relationship between the international landscape and national policy-making
Economic and social security in the face of a complex, ever-hectic and unpredictable world. This is an objective that everyone should strive for, particularly those who bear the burden of decision-making responsibilities that extend beyond their own personal sphere to affect other individuals and communities, such as entrepreneurs, managers and public decision-makers. These were the issues that Paolo Angelini, Governor of the Bank of Italy, reflected on in a speech he delivered in early April at the 16th MAECI–Bank of Italy Conference with delegates and financial attachés accredited abroad.
Angelini highlights one of the many aspects of production and social life affected by the international situation and its complexities: energy and energy supply, particularly with regard to Italy’s dependence on energy imports. Underlying this issue is the broader question of what strategies could be adopted to improve the country’s ‘economic security’.
Addressing this issue, Angelini demonstrates just how closely intertwined the relationships between different components of the economy and society are, from major policy decisions designed to promote certain energy sources over others to the need to involve local people and communities in decision-making processes. The task of equipping oneself to tackle economic and social issues on multiple levels involves adopting technical, political, cultural and social tools. Not to mention the frequent need to resort to emergency measures to deal with urgent problems and decisions. Resilience seems to be the most important concept to bear in mind: a resilience that cannot be built overnight and which is as much a matter of culture as technology. Paolo Angelini’s contribution really does help us to understand all this better.
Paolo Angelini
Bank of Italy, Address at the 16th MAECI–Bank of Italy Conference with delegates and financial attachés accredited abroad, 2 April 2026
