The spread, which essentially depends on the choices of an invisible subject, the market, "attributes all decision-making power to those who hold economic power, effectively nullifying the principle of universal suffrage". This is what the president of Consob, Giuseppe Vegas, said in his speech at the annual meeting with the financial market.
"In many European countries - continues Vegas - intolerance towards the dictatorship of the spread is growing, seen as an obstacle to the aspirations of the people, and entrusting our future to a number is also a way of abdicating our duties".
To respond to the crisis, Italian finance must push companies towards listing on the Stock Exchange and "a significant signal in this direction would also come from the landing on Piazza Affari of those public companies that operate according to the logic of profit".
The listing of new companies “would be facilitated by a regulatory review process – continued Vegas -. The time has probably come to align the national system with that of the main European countries, eliminating the burdens that weigh on listed companies without guaranteeing particular protections for investors in return”.
The aim must be to "update, simplify and rationalize the entire subject of listed company law" and "wider recourse to self-discipline and statutory autonomy could facilitate the achievement of this objective".
In particular, according to the president of Consob, it would be necessary to review “both the TUF (the consolidated text on finance, ed) and the civil code. Almost 15 years have passed since the entry into force of the reference framework law for the financial markets and almost 10 years since the last comprehensive reform of company law, in the meantime the world has changed”.
