3 Min Read.MILAN - Italy's central bank called on Saturday for cohesion as the country battles a government crisis, saying it was imperative to revive growth and reduce a public debt that the coronavirus pandemic has pushed to levels last seen after World War One.Italy's debt is expected to approach 160% of domestic output at the end of this year, posing a major challenge to an economy which stagnated over the past decade.
"We cannot cultivate the illusion that the public debt can increase indefinitely," Bank of Italy Governor Ignazio Visco told a gathering of financial market participants.
"Italy must now find the cohesion it needs to return to the path of development," Visco said at the annual Assiom-Forex conference.
After the collapse of a coalition government led by Prime Minister Giuseppe Conte, Italy's President Sergio Mattarella has called on former European Central Bank chief Mario Draghi to form a new government.
Visco said Italy could not afford to waste the opportunity provided by the European Union's pandemic response.
Only by returning to growth rates last achieved before the global financial crisis can Italy reduce its debt without excessively painful budget adjustments, Visco said.
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