"The Milan Stock Exchange can play a significant role in the restart of the country, within the European framework for the completion of the capital market". The President of the Republic said, Sergio Mattarella, in message sent to the Chairman of Consob, Paolo Savona, on the occasion of the annual meeting between the Commission and the financial market.
According to the Head of State, “the role of the market is central to the country's recovery process, which has undergone an unprecedented health crisis, with serious economic and social effects and consequences that are still difficult to evaluate in their complexity. The spread of the virus has had major financial repercussions, with a significant increase in volatility”.
In this scenario, "Consob, the regulatory body - Mattarella said - makes its contribution to the recovery by ensuring the proper functioning of the companies and the market, the transparency and correctness of the operators, to protect investors and therefore the general interest of the country, facilitating the access of companies, especially SMEs, to the capital market”.
In recent months, "the measures adopted by the authorities, starting with the monetary ones, have been decisive in countering tensions on the markets - added the President of the Republic - Now we need to face the new phase favoring the capital strengthening of companies and their dimensional growth, to support competitiveness and the ability to invest and innovate in the new context".
Last 5 June – after meeting the Governor of the Bank of Italy, Ignazio Visco, to talk about the strengthening of the ECB's anti-Covid plan, the so-called Pepp - Mattarella had expressed "great appreciation" for the decisions of the Eurotower, emphasizing that the European Central Bank, "under the guidance of its president, Cristine Lagarde, continues an action which, together with that of the European Commission, effectively supports the commitment for the recovery of the economies of the countries of the Union affected by the effects of the pandemic, strengthens the Eurozone and the role of the European institutions".
In his speech, Savona he said that the "solidity and resilience of Italian savings is a necessary but not sufficient condition for resources to flow towards productive capital", for this reason it is desirable "to issue irredeemable public bonds (consols), a typical instrument of the war phases, in which the health has often been compared. These bonds, specified the number one of Consob, "could recognize an interest rate, tax exempt, equal to the maximum inflation rate of 2% which the ECB has undertaken not to exceed in the medium term".
