Monti, the man (spider) able to untangle the cobwebs of Rome. At least that's how the Financial Times sees it which, in an editorial, underlines the "courage" of the Italian premier in carrying on Double Assignment Incompatibility Act for free the country "from its Byzantine culture of intertwined shareholding". Article 36 of Salva Italia prohibits the assumption or holding of offices between competing companies (or groups of companies) operating in the credit, insurance or finance markets. By 26 April – deadline imposed by the Bank of Italy, Consob and Isvap – the top management of the companies were able to renounce their "surplus" positions, under penalty of forfeiture from all.
"The most surprising aspect of this clause is that it has been strengthened," writes the Financial, referring to the action of the three regulators. Many expected that it would be weakened or dropped into oblivion, but no. AND "Italy has a lot to gain from this law“. The goal is not only to protect competition, but it will also be a great incentive for foreign investors, hitherto discouraged by the difficulty of penetrating the cobwebs of power. And there is also “the hope that this law paves the way for a shake-up in the management of these companies. The close ties between Italian banks and insurance companies are putting the stability of the financial system at risk.".
However, the text has left room for interpretative doubts on the part of those who should have applied the law and the "board of companies continue to be too large and the regulator - Consob – too weak“. Everything can be improved but for now Monti is behaving in the best possible way. France and Germany "could benefit" from more stringent regulations, similar to those implemented in our country. "If he demonstrates the same audacious reformist spirit in the time he remains in office", concludes the Financial Times, "Italy and Europe will have much to gain".
Read the article about Financial Times
