“The efforts made by the Monti government and the moves of the ECB have already led to a significant reduction in the spread, which in my opinion will record a further decrease”. The CEO of Intesa Sanpaolo, Enrico Cucchiani, this is how he expressed himself when asked on the sidelines of the work of the World Economic Forum, in Davos in Switzerland.
Cucchiani also explained that the decline in the yield differential between the German BTPs and Bunds “it will make it possible to restore competitiveness to our system for what pertains to the banks. The Government, for its part, is moving to restore competitiveness to the entire economic system”.
Italian banks, in particular – recalled the CEO of Intesa – discount the cost of the spread, which raises the marginal cost of funding and "this inevitably places the Italian entrepreneurial system in a handicap situation compared to the entrepreneurial systems of other countries, for example triple A which have a much lower cost of money”.
