Milan, 17 April 2025 – “We have fully entered an era of uncertainty, where managing savings and markets calls for new solutions. Europe risks falling behind if it fails to address its structural weaknesses. Public debt, both national and European, must be managed with balance and strategic vision. Without coordinated action, capital will continue to flee, and the divide between Europe and the United States will only deepen.”

This was the warning issued by Massimo Ferrari, General Manager of Webuild, during his appearance on Corriere Tv, as part of the debate titled “Markets and Savings: Welcome to the Age of Uncertainty”, a segment of the “Non solo numeri” series hosted by Daniele Manca, Deputy Editor of Corriere della Sera.

“This global economic and financial phase is marked by growing instability, which is having a profound impact on investor behavior, public debt management, and the ability of countries to attract savings. 

Italy and Europe are facing a multitude of challenges,” he continued. “The uncertainty is such that businesses are hesitating to invest or take on debt. This drop in credit demand could, in turn, slow the transmission of central banks’ monetary policies, weakening the intended stimulus from interest rate cuts.”

The current climate of uncertainty is also raising broader concerns, most notably the scale of U.S. public debt, which has become a potential systemic risk. “The recent volatility in U.S. government bonds likely contributed to Trump’s decision to delay certain tariffs. U.S. debt now exceeds $36 trillion and has long been viewed as a safe asset. If investors begin to perceive it as high risk, the consequences for global markets could be severe and spill quickly into the real economy. We could be looking at the prospect of a credit crunch,” he concluded.