CORONAVIRUS. We also think about Italy’s economic future

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Hello and good evening from Milan.
In this moment the focus is the health of the people and this is why we are all staying home. After the health crisis we have to think about the future of the people in terms of jobs and economy, this is why last Sunday I publicly asked the Government and Consob to consider a unilateral short ban: the conditions made me think of possible financial speculations and a significant increase of volatility on the markets.
Well, everybody saw what happened and finally on Thursday the 12th March the prohibition for short selling was issued for 85 shares traded in the MTA Italian regulated market. Unfortunately this delay of action plus other facts that everybody noticed had a huge cost for Italy. On Friday the 13th I wrote an email to Consob asking to allow the shareholders’ meeting to be held virtually instead of just postponing them, because about 25 billions dividends have to be distributed, out of which 12 would be cashed by the end of June: such a liquidity is more than ever needed by investors and enterprises. A delay could be fatal. Moreover it would be a negative message for international investors. Hopefully my message will be taken into account in the decree which the council of Ministries is discussing tonight. We’ll know that soon. It is true that most of the Italians, especially after this week, are feeling a little neglected by our neighbors but I think that from this crisis we will come out stronger than ever. I read a metaphor on the internet: Italy is a beautiful girl walking on five-inch heels, a girl with whom you can talk about arts, food, science, bit of everything because she knows all of those. If she falls while walking the jealous ones laugh, but just the time to stand up again on her heels and she’ll be more beautiful than ever.

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