Strengthening Global Partnerships Amid Rising Uncertainty

As the Asian Development Bank convenes its 58th Annual Meeting in Milan, the gathering serves as a timely reminder of the power of international collaboration in the face of mounting global challenges. In his opening address, the Governor of the Bank of Italy acknowledged the joint progress made by Asia and Europe, emphasizing their shared achievements in economic growth, poverty reduction, and regional integration.

Recent years have showcased Asia-Pacific’s crucial role in the world economy, particularly with its substantial contribution to global growth and dominance in advanced industries like semiconductors. Meanwhile, Europe’s efforts in regional integration and building strong financial infrastructure highlight the benefits of openness and cooperation. However, rising geopolitical tensions, renewed protectionism, and increasing trade barriers now threaten decades of prosperity and stability on both continents. The Governor noted that these risks not only slow growth but also inject uncertainty into policy-making, especially as global supply chains become ever more intertwined.

Underscoring the vital importance of peace as a foundation for sustainable development, the address issued a clear call to preserve economic integration and reinforce the international framework established by multilateral institutions like the ADB. Italy, as a steadfast partner, stands ready to offer both financial resources and know-how to continue fostering inclusive and sustainable growth in the region. Closing on an inspiring note, the address invoked the spirit of Marco Polo as a symbol of exploration and cooperation, urging attendees to face the future with courage and an unwavering commitment to global partnership.

This message holds particular significance now, as safeguarding openness and collaboration remains crucial to securing economic progress and stability in a rapidly changing world.