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Archive » July / August 2026 » The economic and financial system between uncertainty and innovation

The economic and financial system between uncertainty and innovation

Fabio Panetta
July / August 2026 - n. 7-8
Keywords: Banche, finanza, scenari geo-politici, innovazione
Jel codes: G21, G28, F50, O10, O30

The world economy is influenced by two opposing forces: geopolitical instability, which generates inflation and uncertainty, and artificial intelligence, which supports trade and investment but can generate imbalances in financial markets. In the euro area, monetary policy is called upon to manage a delicate equilibrium; the rate hike in June was a first, measured response to the risk of upside inflation. The Italian banking industry is solid, and can benefit from the ongoing consolidation, but it must continue to finance households and businesses while maintaining high asset quality. Turning innovation into growth also requires venture capital and an integrated European market. Stability is not inertia, but the balance of an economy in motion.

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