MNI BRIEF: Creating Conditions For Policy Easing - Panetta

Conditions across the eurozone are "being created to initiate monetary easing,” Bank of Italy Governor Fabio Panetta said on Thursday during the presentation of the national bank’s 2023 economic results, although he added little in the way of further detail.

The Bank of Italy registered gross losses of EUR7.1 billion in 2023 that turned into a net profit of EUR 0.8 billion after an EUR 7.9 billion disbursment from the general risk fund.

The European Central Bank's ending of asset purchases and monetary tightening has brought the first gross negative annual profit for the BOI in nearly 20 years after it saw losses from 2002-2004 with adjustments during the first years of the Euro. (see MNI INTERVIEW: ECB To Cut 50BP, Then Wait And See- Bini Smaghi)