Italian financial intermediaries call for more Europe. The annual meeting of Amf Italia, the association of banks, investment firms and markets, took place in Milan., dedicated to the topics of geopolitics and financial system competitiveness. At the center of the debate were projects of particular interest to the industry, all closely intertwined with the evolution of the EU regulatory framework and the macroeconomic context. "Europe needs an integrated financial market that truly operates on a European scale, especially to foster the growth of its excellent SMEs," was the message that emerged from the meeting.
AMF calls first of all to strengthen the role of ESMA in trading
AMF calls first of all for greater harmonization of post-trading infrastructures at European level, with a strengthened role for ESMA (EU market supervisory authority), at the service of greater competitiveness of continental bargaining platformsItalian intermediaries – it was emphasized during the debate – are also looking with interest at the Savings & Investment Union project and, in particular, at the implementation in Italy of the European Commission's recommendation to create Savings and Investment Accounts, new investment accounts available to savers to facilitate the allocation of savings in the continent's real economy.
Another European project that AMF strongly supports is the so-called “Eu Inc”, that is the proposal to create European law companies not incorporated in a member state but in the so-called 28th regime, the continental one. This is a tool, advocated among others in the reports of Mario Draghi and Enrico Letta, to accelerate the harmonization of corporate law in the Union, overcoming the laborious search for compromises between the different national systems that often hinder its progress.
Here's who attended the meeting
At the AMF assembly, following greetings from Gherardo Lenti Capoduri (Head of Market Hub, IMI Corporate & Investment Banking Division, Intesa Sanpaolo), a roundtable discussion moderated by the association's president Marco Ventoruzzo took place. Participants included Brunella Bruno (Bocconi University), Federico Freni (Undersecretary of the Ministry of the Economy and Finance), Enrico Letta (President of AREL · Institut Jacques Delors), and Massimo Mocio (Deputy Chief of IMI Corporate & Investment Banking Division, Head of Global Banking and Markets, Intesa Sanpaolo). The proceedings were closed by Andrea Busi, CEO, Directa"Europe," Ventoruzzo emphasized, "is increasingly becoming the point of reference for Italian intermediaries in building the future of their industry and strengthening their role in finding the best investment solutions to foster the growth of the many excellences of Made in Italy."
Enrico Letta's speech
"In recent years," Enrico Letta remarked in his speech, "Europe has set ambitious goals in a variety of strategic areas, starting with competitiveness, innovation, security, and environmental transition. The crucial challenge today is to transform these ambitions into concrete results. To do so, however, requires significant capital. Europe has a very large base of private savings, but is still unable to fully mobilise it to support its strategic investments. Investment opportunities are in fact too limited and fragmented, driving capital towards foreign financial markets. The Savings and Investments Union project responds precisely to this need. Europe needs an integrated financial market that truly operates on a European scale. We must overcome the fragmentation and national logic that currently prevent Europe from fully utilizing its resources to finance its ambitions, generating a strategic cost that has become unsustainable.
