There are three candidates (Bini Smaghi, Grilli, Saccomanni) who have been indicated by Prime Minister Silvio Berlusconi and deemed equally suitable by the same to replace Mario Draghi at the helm of the Bank of Italy.
That these are three candidates of undoubted professional value no one can doubt, but in comparing the three it seems to me that only one of them (Fabrizio Saccomanni) can write in his palmares that he has contributed directly - and in the front line - more of the other candidates to contain the most pernicious effects that would have hit the banking industry, deriving from the perfect financial storm that manifested itself, with equally perfect synchronism, in the world economies.
The Treasury, after the first initial slip-ups which (through the mouth of its Minister) assimilated the structure of the Italian banking industry to the Anglo-Saxon one, accusing the domestic industry of the same crimes and misdeeds as those overseas, then repented in the face of to the reality of the obvious business differences. Later he contributed Tremonti Bonds (as famous as they are scarcely needed by the banking industry itself) to remedy the balance sheets of some particularly weak institutions.
It is certain that Bini Smaghi also enjoyed a privileged observation in his capacity as member of the Board of the ECB, but perhaps he played a less operational role focused on the Italian financial industry and its specificities.
Instead, it must be acknowledged that it was the Bank of Italy that was at the forefront of governing the instruments of supervision and that resorted to the moral suasion of its Directorate (with some complaints from the banking industry) so that the industry itself could hold up better than other banking systems of other countries to the financial crisis.
The winning partnership between Fabrizio Saccomanni – in his capacity as General Manager of the Bank of Italy – and Mario Draghi in his dual capacity as Governor and head of the Financial Stability Forum has constituted and still constitutes a unique experience and a wealth of knowledge which will have to settle in every area of Bankitalia. Experience and heritage which, in my opinion, would be better safeguarded with the appointment of Fabrizio Saccomanni as Governor. It should be added that we still do not live in normal times: therefore direct experience and knowledge assets will prove invaluable over the next few years which it is hoped should see the final exit from the crisis.
Today as never before, also given the times and conditions of the Italian financial industry, the continuity of direction of the Bank of Italy's action guaranteed by Fabrizio Saccomanni is presented, together with the professionalism and independence of judgment (even towards the banking industry) as a strategic asset to be safeguarded at all costs.
* President of the PattiChiari Consortium
