Crime Has Cost Italy $20b
World Economy

Crime Has Cost Italy $20b

Crime is putting investors off Italy, costing the economy an estimated $20 billion (€16 billion) in foreign investment over the past eight years, the governor of the Bank of Italy said on Friday, The Local news website reported.

Ignazio Visco told a conference in Milan that crime “has a negative effect on investments in general, especially from abroad.”
He called on the government to rapidly adopt a new anti-money laundering law as well as create conditions that will prompt a return to growth.
“Respect for the law in the financial sector is a prerequisite for a sound and prudent management of financial institutions,” Visco said.
Italy was listed as one of the most corrupt countries in Europe in Transparency Interantional Corruption Perception Index for 2013, published last December.
The eurozone’s third-largest economy came 69th in the list of 177 countries.
The eurozone’s third largest economy is, however, on the up with 43 points out of a possible best score of 100, compared to 42 last year.
Italy came joint place with Romania and was perceived as less corrupt than the EU’s worst offenders: Bulgaria at 77 and 80th-place Greece.
Economic powerhouse Germany received a relatively clean bill of health, coming in 12th place, while France came 22nd in the ranking and Spain a less-impressive 40th.


Short URL : http://goo.gl/HSsJTc

You can also read ...

Bank of Japan Keeps Policy Steady
The Bank of Japan kept its monetary stimulus unchanged...
Sub-Saharan Africa is still the world’s least industrialized region.
While much of Africa has achieved impressive economic growth,...
Asian central banks are not expected to mirror the Fed rate cycle as closely as in the past. The picture shows Indonesia Central Bank.
As the Federal Reserve signals an end to its decade of...
German Ministry Optimistic About Third Quarter Growth
Germany’s economy weakened at the start of the third quarter...
WTO head Roberto Azevedo renews his concerns over worrying political headwinds, especially protectionism.
The World Trade Organization on Thursday upped its forecast...
Russia Overcomes Recession
The national economy is growing and creating a base for future...
China Vexed Over S&P Credit Rating Downgrade
China is angry at Standard and Poor’s following a downgrade of...
ECB: Immigration Boosts Euroland Labor Force
Immigrants have made a large contribution to the working-age...