"In the future there will be fewer banks, larger, more capitalized, with capitalist governance and with a new business model": claimed the general manager of the Bank of Italy, Salvatore Rossi, speaking yesterday in Rome at the workshop promoted by the Bruno Visentini Foundation and Luiss on "The reform of the banking system: supervision, information, basic models" in view of a research that the Foundation itself will conduct.
Rossi explained that the banking system is destined to change because two shocks have occurred (technology with digitization and the fintech phenomenon and the new rules of the game proposed by the Financial Stability Board and the European Banking Union, albeit incomplete) and a macro complication due to the economic crisis against which the Qe of the ECB plays an important role.
All these reasons push towards the change of the banking system.
Even the president of Consob Giuseppe Vegas dwelt on the serious crisis of the banks, which is reflected in the conspicuous drop in quotations on the Stock Exchange and which depends both on the economic situation and on the low interest rates which reduce intermediation margins but also on the trust that has invested the banks that have often underestimated the importance of transparency. Vegas has claimed the autonomy with which Consob exercises its function but has signaled that too often politics unloads uncomfortable choices on the Authorities that it does not want to make in person.
Before them, Enzo Moavero Milanesi, director of the Luiss School of Law and former minister in the Monti government, spoke, recalling the importance of placing every prospect of reform of the banking system on the European horizon and in particular in that, unfortunately still incomplete, of the European Banking Union.
In the workshop, closed by Gustavo Visentini, scientific director of the Foundation which will promote research on the reform of the banking system by focusing on the main political issues (which bank model, which supervision, which regulation and which information), the parliamentarians Bruno Tabacci, who carried out the introductory report and pointed out that the reform of the banking system does not start from scratch but from the results of the fact-finding survey conducted by Parliament in 2004 and 2005 which led to the law on savings, Marco Causi and Giovanni Paglia.
The works were moderated by the director of FIRSTonline, Franco Locatelli
