IL PENSIERO DEI REGOLATORI

During the recent, long crisis, banks have been at the center of growing attacks. The crisis has been of such a magnitude, though, that it is reasonable to think that no “economic entity” may be exempt from liability. Today, nevertheless, banks are required a radical revision of strategies, in order to respond to the extraordinary changes that, since more than twenty years, are radically modifying the frame of reference. In Italy, the crisis and the profound changes in the banking laws have blasted the balance characterizing the relationship between banks and enterprises; a balance probably immature, that has generated a system predominantly “centered on the banks”. Now it is necessary to find a new equilibrium, based on more mature and transparent relations. Moreover, it is increasingly necessary to foster a holistic perspective aimed at supporting growth; banks and enterprises should join forces, taking on the role of two rowers in the same boat, and the “market” (stocks, bonds) should get on board too, as third member of the crew. In this context the Banking Union, though representing an important further step towards a federal Europe, could even pose a risk, if prejudices prevail and a complete “level playing field” (tax, accounting, etc.) is not realized. Therefore, we need a mature and supportive Europe, devoid of preconceptions and able to rediscover the spirit of the founding fathers.