Attention, we are the markets. Without launching proclamations, but with appreciable firmness the new president of Consob Mario Nava try to raise a dam against remorseful speculations that have invested the financial center. "Respect for Consob's independence and respect for delicate market mechanisms by all market operators and all political decision-makers is essential for the country's stability and prosperity", syllable at the end of his speech at the Consob day in Piazza Affari, exactly 39 minutes to stay within the times of live TV. The rule will be "Proactive Supervision", which aims to anticipate and direct the course with the aim of "relaunching the market".
Not an easy task, especially in an agitated political situation, where so far there has been no lack of incursions by parliamentarians (see the declarations arriving from the League on the banks, Monte Paschi in the lead), already under the attention of the competent offices (the president suggests in response to a question) or, much more serious, the disturbances to which the bond market has been exposed, against which Consob, for now, can do very little. “The bearish positions – explains the president – are monitored every evening. But the intervention threshold for government bonds is set at 0,5%, or around 50 billion euros, a level that was never touched even in 2011. "A limit that we have already reported to ESMA".
But his it will not be, underlines Nava, a notary presidency or a simple defense of the letter of the rules. On the contrary, the mathematical economist arriving from Brussels promises "an action to relaunch the market and the Authority". The memorandum just signed with the Bank of Italy goes beyond this point of view. “I care a lot – he explains – a consultative committee of about thirty top-level experts will soon start. I don't rule out being part of it myself, but there will certainly be a commissioner”. In this way, the problems that emerged from the parliamentary investigation into the banks will not be repeated.” The Casini commission did an excellent job of testing the system: had we chosen Egon Zehnder he would not have done better. And she would have cost a lot ”. Of course, in the Nava report he also mentioned the "internal criticalities" that emerged in the Commission's activity. “But the staff is top notch. Of course, there are reasons that have pushed for a change”. With everyone's contribution: a 'call for interest' will be launched tomorrow for the establishment of a Consultation Committee”: anyone can nominate themselves (not excluding journalists) and the Commission will choose around thirty members.
They too will have to collaborate for the creation of a financial market more suitable for an advanced economy, less unbalanced on the debt market in favor of equity to remove the historical gap of Italian capitalism, poor in venture capital. But to do this, in addition to some moves dictated by common sense (the publication also in English of documents addressed to investors in relations with the market authorities) it is necessary to "regain the trust" of savers. But be careful: “The public protection of savings cannot mean the elimination of investment risk. The number 1 rule of finance is 'no risk, no return'. If there is no risk, there can be no return”. A non-ritual call after the drunkenness of demagoguery and the temptations to take a step back on the front of the Popolari and Banca Monte Paschi.
In short, after the political presidency of Giuseppe Vegas it is time for the "six construction sites", or the six "lines of action" intended to streamline the functioning of the Italian market both on the demand side and on the supply side, with an eye to facilitating the arrival of international investors and collaborating with the many institutions offering to promote the financial literacy of Italians. Not an easy match, given the large and massive dose of demagoguery on the issue of banks that accompanied the electoral campaign. But necessary. Nava, formerly responsible for the financial dossiers in Brussels (including the technical elaboration of the bail in) is called upon to collaborate in keeping the door of communication between Italian finance and Europe open in an extremely delicate phase, in which there is the risk of paying the weight of autarkic temptations, moreover complicated by Brexit which will affect the future of the London Stock Exchange, owner of Piazza Affari. And against any temptation to sovereignism, the president concludes as follows: 'I am the president of the Authority responsible for saving Italians and savings are expressed in euros; I have no doubt that the euro is solid as a rock”.
