The Italian financial markets, which already suffer from uncertainty of politics economy of the Giallover governmentdand, they will be between lettere invested by a breeze from the vague saffix anti-European that will increase the degree of uncertainty in the markets same. New uncertainty originating from the establishment of the new Parliamentary Commission of inquiry into the banking system and Italian financial, fruit of an inquisitorial political delirium.
President Mattarella had already objected that a overdrive temporal to the activity of the Commission that may so to investigate until the end of the legislature, on invoicethe misdeeds supposed cheated, people and private and public institutions, who have acted within the blurred boundaries of public and private financea. Analogous manifestation of incivility legal consists in the omission of a time limit "backwards”: for example limit investigations to acts and suppositions misdeeds occurred until the commission itself takes office.
By effect of the two omissions è reasonable consider that at the establishment of the Commission will followyear theingestionature e a serious conditioncatkin oflitfinancial celts di all subjects participants to the markets financial Italian. Even because it is easy to predict che the Commission will inevitably be and politically brought to “open a file” on the facts and alleged misdeeds and self-reports of financial fraud which should arise along lo slide weather of his long inquisitorial activity. In fact, the art. 3 (competences of the Commission) lists approximately thirty areas on which to direct inquiries of the Commission.
Ma that article ait appears also like assembly not reasoned e messy of securities of the paragraphs of the manuals of economics and banking law, financial e insurance, with forays into manuals of criminal law e administrative. Mirror of a delirium politician translated inquiry into norms is fawould envy the former German Stasi o to the ex Ghepeu Soviet. For example, l'art 3 moves in fact by the establishment of a special power of attorney for the crimes financial (Article 3, c 1 letter. b), for continue withanalysis criticizes of comparative law of EU states (letter c) to with an unexpected e incomprehensible reference to debpublic site for which it is meant (lit. n) analyze and evaluate the public debt in the components of exposure to risk in relation to guarantees on the securitization of non-performing loans (GACS).
Given the endless list of skills, la Commission will every time choose which area to investigate according to political expediency ed electoral of the moment more appropriate: fatta saves the open norm of official secrecy e the intelligence service of the Grillini. Will play a important role the President of the Commission who should have all the you deserve to Phi Angellides, graduated fromd Harvard, state treasurer of the California, I note and appreciated politician and connoisseur of the financial world and, for these merits, President of the National Commission on the Causes of the Financial and Economic Crisis in the United States that worked during the Obama administration.
In the case of Italy, a front of such a delusion inquisitorial treduced to norms It is reasonable provide than at the settlement of the new Commission will follow the cast if not lto paralysis of the whole system Italian banking and finance. surprising therefore that during the parliamentary debate dedicated to the establishment of such a Commission no representative of majority or minority political forces mentioned and bearing in mind that the financial system in its three segments credit, securities and insurance, is by its nature structurally e financially unstable and subject a more or less far-reaching crises that can lead to systemic criseshe: even in the case of the most correct, responsible, transparent behavior of all employees.
As is known from always, though expunged from culture silvopastoral economy consistent with the theory of happy degrowth, non there the condition Promptness of the "risk zero": and for borrowers (and financial and non-financial companies) for both the fund providersthe families savers). Because it is just as reasonable that over the next few years it will posters a financial crisis in the boundless sector which the Commission is called upon to investigate, every economic and financial operator will be heard on the collor the breath of the Commission itself ready to intervene on any suspicion of crime financial given that, with the threatening closing of the art.3, lit. v, the Commission may proceed with any further investigations necessary for the proper conduct of the Commission's work in relation to the powers envisaged by this article".
How will the financial markets respond a front of such delirium inquisitorial is the most uncertain that can be assumed today. For example, regarding the practical and theoretical impossibility of the "zero risk”, it is not known what the reaction will be in the face of evaluationand entrusted to the Commission to ascertain if the "market risk, determines an infringement of the principles of competition at the basis of the single market (Article 3, paragraph 1, letter e); or quaso much uncertainty be generated on market against the faculty of (lit. l) investigate solidity, efficiency organizestiva and state of uncertainty of the credit guarantee system and on the impact risk (?) of these on public bodies both as subscribers and as against insurers; but also which and how many initiatives wait from the paragraph 3 is allows the Commission to investigate the fairness of placement with the public, with reference to small savers and non-institutional investors, of financial products, especially ad high risk, and with particular regard to bank bonds and the bonds of companies and commercial companies, whether in business or bankrupt or in liquidation, which have not repaid their securities to investors;
In conclusion, to the uncertainty of today and of what will happen after the European elections, the future practice of delirium inquisitorial will add uncertainty ad uncertainty over a long period of time, with inevitable negative effects on the functioning of the financial markets perpetually exposed to operational counterparty and market risks and on the expectations of the operators and of the savers.
