"We need to be very careful and move with prudence because there is the risk that the parliamentary commission of inquiry into banks will overlap with the normal work of the judiciary and, instead of ascertaining the problems and causes of mismanagement of the banks in crisis to solve them , you become just a political rodeo and a game of massacre of political spite and retaliation which would end up accrediting the unfounded idea that the entire Italian banking system is in crisis”. This is the alarm raised by the president of the bicameral commission on simplification, Bruno Tabacci, on the occasion of the presentation of conclusions of the fact-finding survey on simplification and transparency of financial, banking and insurance activities in relations with users.
“The first signals raised by the Commission of Inquiry between those who want to find the political leaders of the Banca dell'Etruria crisis and those who instead want to trace the political godfathers of the Monte dei Paschi crisis do not bode well” commented Tabacci.
The Undersecretary for the Economy and Finance, Pier Paolo Baretta, who has the Government delegation for the banks, agreed on the opportunity for the recent Commission of Inquiry to move "balancedly" because it would be profoundly wrong and harmful to accredit the image of an entire banking system in crisis which however suffers from a "growing distrust" which must be addressed and removed at its root. From this point of view, as underlined by the president of the Finance Commission of the Chamber, Maurizio Bernardo, a positive contribution to the exact understanding of the problems can also come from the financial education that the recent savings-saving decree has finally put in place.
The General Manager of the Bank of Italy, Salvatore Rossi, also spoke at the presentation of the results of the parliamentary inquiry into simplification in finance, warning against easy illusions, explaining how the need to prevent risks has actually increased the complexity of international financial rules. IVASS, the Authority that oversees insurance, thus found itself having to implement something like 700 guidelines from the European sector Authority in one year. "Simplifying is not trivializing" argued Rossi, according to whom it is plausible that financial products that are too risky and too complex are reserved only for institutional investors and prohibited for the retail public.
