After the crisis, it is necessary to promote in organizations a compliance cuIture in order to guide management behaviours. But also the choice of the supervision style by the Banking Union will be crucial in order to properly and effectively orient the relations between supervisors and...

In Italy the use of bond covenants is restrained by the predominance of SMEs, the significant role of relationship banking, the high costs related to public placements, the lack of investors‘ financial culture, the low amount of loans normally requested by each firm and the lack of liquidity...

The financial crisis shows the limits of a fragmented surveillance scheme and points out the need of new architectures characterized by simplicity, applicability of rules, lower costs of compliance, lower conflicts of interests, absence of regulatory arbitrage and universality. For this purpose,...

This paper aims to stress the importance of market liquidity for the stability of the financial system, emphasizing the pivotal role played by liquidity risk in the development of the current financial crisis, pointing out the flaws of regulation and supervision and stressing the need for their...

The solutions of the financial crisis in Europe must necessarily involve the support to banks by governments and the coordinated action among supervisory authorities. But an important role can be played by a stronger cooperation between a small number of European countries who have common...

Italy has engaged in a «war path» to recover the economy and extricate it from the crisis, but also to counter the widespread prejudices against the country, the heritage of its high public debt and of its structural economic vices

This paper explores an innovative solution to exit from the European debt crisis exploded in 2010.The proposal is based on the securitization of sovereign debts and the creation of a jointly responsibility bond among European countries, the Eurobond, with the surer tranches of their sovereign...

Regulation and tax burden are seriously affecting the profitability of Italian banks, already struck by the crisis. Nevertheless, Italian banks are an element of strength and a vital resource for the recovery and, as the country, are facing a great opportunity for carrying out the restructuring...

Italy must continue the work it has already begun in budgetary and structural reforms, and Italian banks must accompany this effort. They have been able to maintain financial assistance to solvent, creditworthy customers and businesses. Furthermore, banks must increase their capitalization,...

In 1982 Giovanni Goria became Treasury Minister. In that role he tried on his own, without the support of a united party and a coherent coalition, to carry out a plan for the rehabilitation of public finances, which he was able to delineate, not to deliver. As other Treasury Ministers, before...