“The modern state was founded on the monopoly on the use of military force and [printing] money,” he said.

“These two pillars are today challenged by the prospect of a progressive privatisation of public power, by the initiative of private financial powers, capable of challenging State prerogatives, even on those two fronts.

“Owners of immense wealth who now have a de facto monopoly in several key sectors and are building parallel, private monetary circuits.”

Mattarella also commented on the current war-ravaged international scenario.

“We are faced with contradictory feelings in these days approaching the New Year,” he said.

“On the one hand, the need to share the hope of a future of serenity and peace, matched by the prospects that the discoveries of science offer humanity.

“On the other, deep concern at a time characterised by wars and violence that make the world’s horizon uncertain.”

ANSA