{"id":106731,"date":"2026-03-02T10:37:32","date_gmt":"2026-03-02T09:37:32","guid":{"rendered":"https:\/\/www.fondazionepirelli.org\/?p=106731"},"modified":"2026-03-02T10:37:32","modified_gmt":"2026-03-02T09:37:32","slug":"looking-beneath-the-surface-and-beyond-reality","status":"publish","type":"post","link":"https:\/\/www.fondazionepirelli.org\/en\/corporate-culture\/insights\/looking-beneath-the-surface-and-beyond-reality\/","title":{"rendered":"Looking ‘beneath the surface and beyond’ reality"},"content":{"rendered":"

Read the speech by the Deputy Governor of the Bank of Italy for a better understand of current events<\/em><\/p>

During complex periods, such as the ones society and the economy are currently experiencing, it is necessary to look beyond appearances and look \u2018beneath the surface\u2019 of reality. This is especially important if you have duties and tasks to carry out, like those in business. Reading \u2018Squilibri globali e i loro rischi in un’economia mondiale pi\u00f9 frammentata\u2019 (Global imbalances and their risks in a more fragmented world economy), the speech given by Sergio Nicoletti Altimari, Deputy Director of the Bank of Italy, at the 32nd Annual ASSIOM FOREX Congress in Venice on 20 February 2026, can help you to better understand the underlying issues in world economic news.<\/p>\n

Altimari immediately sets out his case. \u2018If the state of the global economy were judged solely on the basis of results for 2025, no particular problems would be apparent. Geopolitical upheavals and trade tensions between countries appear to have had only a marginal impact.\u2019 The facts speak for themselves. Global growth remained above 3% in 2025 and is expected to remain at similar levels in 2026. World trade has shown remarkable resilience despite the introduction of US tariffs.\u00a0 Inflation continued to decline, approaching the targets set by central banks. Despite episodes of volatility, financial markets performed very well, with double-digit increases in share prices on the main stock exchanges, not to mention the effects of new technologies such as artificial intelligence, which are certainly still to be clarified and managed. Above all, the author writes, \u2018companies have demonstrated their ability to adapt, quickly reorienting trade and mitigating the impact of tariffs.\u2019<\/p>\n

So far, so good\u2014better than expected, in fact. However, \u2018beneath the surface of these favourable results, imbalances are accumulating that could prove destabilising if not addressed in time\u2019. Herein lies the importance of looking beneath the surface,\u00a0 an exercise that is useful not only in economics, but in observing reality in general. Altimari specifies, \u2018These are not new phenomena, but problems that have afflicted many economies in the past.\u2019 These are well-known issues that tend to be overlooked, but wrongly so. The Deputy Governor of the Bank of Italy highlights three key issues: the growth of global public debt, trade imbalances between countries, and vulnerabilities in specific segments of the financial markets. These are all issues that \u2018can amplify risks\u2019 and generate unexpected and serious problems.\u00a0 To address these issues, he emphasises the need for a stronger Europe and \u2018a fundamental rethink of how we operate, make decisions, and act.\u2019<\/p>\n

Altimari’s contribution not only provides clarity on complex issues, but also serves as a valuable tool for fostering a careful understanding of reality that benefits everyone.<\/p>

Squilibri globali e i loro rischi in un’economia mondiale pi\u00f9 frammentata<\/strong><\/a><\/p>\n

Sergio Nicoletti Altimari<\/p>\n

Speech at the 32nd Annual ASSIOM FOREX Congress, Venice, 20 February 2026, Bank of Italy, 2026<\/p>\n","protected":false},"excerpt":{"rendered":"

Read the speech by the Deputy Governor of the Bank of Italy for a better understand of current eventsDuring complex periods, such as the ones society and the economy are currently experiencing, it is necessary to look beyond appearances and look \u2018beneath the surface\u2019 of reality. This is especially important if you have duties and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56,57],"tags":[],"class_list":["post-106731","post","type-post","status-publish","format-standard","hentry","category-corporate-culture","category-insights"],"acf":[],"yoast_head":"\nLooking 'beneath the surface and beyond' reality - Fondazione Pirelli<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fondazionepirelli.org\/en\/corporate-culture\/insights\/looking-beneath-the-surface-and-beyond-reality\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Looking 'beneath the surface and beyond' reality - Fondazione Pirelli\" \/>\n<meta property=\"og:description\" content=\"Read the speech by the Deputy Governor of the Bank of Italy for a better understand of current eventsDuring complex periods, such as the ones society and the economy are currently experiencing, it is necessary to look beyond appearances and look \u2018beneath the surface\u2019 of reality. 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