Pandemic still source of concern, uncertainty for European economies – Visco

ROME, Nov 26 (Reuters) – The coronavirus pandemic in Europe is once again reason for “considerable concern”, and its consequences for economies are hard to predict, the governor of the Bank of Italy said on Friday.

“The recovery of (Italy’s) economy is proceeding at a better pace than expected only a few months ago … However, uncertainty remains high, mainly reflecting a health situation that has once again become a source of considerable concern,” Ignazio Visco said.

He added, however, that short-term indicators continued to be overall favourable. The central banker also warned that financial institutions were more exposed to cyber security risks – with cyber attacks to European banks increasing by 54% this year – and called for greater care in monitoring and managing them.

Photo – Bank of Italy (Banca d’Italia) Governor Ignazio Visco. EPA-EFE/MASSIMO PERCOSSI