President Mattarella says Italians’ standard of living is declining — ANSA English

Italian President Sergio Mattarella said that geoeconomic and geopolitical conflicts, through inflation and stagnant wages, are undermining citizens’ standard of living. In a message for World Savings Day, observed on Saturday, he also drew attention to the pressure of the cost-of-living crisis on Italian families, reports ANSA English.

The impact of inflation and wages

According to Mattarella, conflicts in the geoeconomic and geopolitical spheres affect people’s well-being through high inflation and the lack of wage growth. The Italian president linked these factors to a decline in citizens’ standard of living.

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European integration and investment

Mattarella called full European integration the best safeguard against purely speculative finance. He also noted that barriers to the single market and the relative weakness of long-term savings divert significant resources in other directions.

In the president’s view, this holds back investments that could strengthen societies. He made the statement in a message for World Savings Day.