Hello and good evening from Milan.
I’m sure you are hearing a lot about measures taken In Italy and according to some newspapers we are in a full lockdown here. Actually there’s not full lockdown but several measures to avoid contagion to spread as our Health system is already working full regime. The priority now is to preserve the health of the people.
I’d like to tell you about some positive initiatives taken by Italian players to overtake the crisis. Mr. Messina, CEO of Banca Intesa San Paolo, the biggest Italian bank, announced donations of one hundred million euros for the emergency, fresh liquidity donated to the State to be spent in healthcare and hospitals. This is not just a capital injection but an injection of trust and positivity for the Italians.
Abi, the Italian Banks association, granted a standstill period or longer depreciations for loans of Micro and Small medium enterprises damaged by the Corona Virus.
This is also one of the proposals contained in the Centre Right Coalition package to overtake on the Economic side the Corona Virus Crisis. Enterprises, especially small ones, started suffering lack of liquidity. As lawmakers we did our proposals and hopefully the government will listen to us. Other than laws, instruments such as basket bonds, mini-bonds or pluri mini-bonds could be really helpful, especially with significant public guarantees: we are going to work on this. Moreover Fintech platforms are providing a simple and fast support to enterprises for the access to capitals: the public consultations about the Sandbox for Fintech are open. Now more than ever we need to have an effective sandbox, as other countries have shown it could be a boost for our Economy.
If you are in Italy and other parts of Europe please follow the instructions given by the authorities but don’t panic and don’t be scared because as a flag is saying outside an art gallery close to my place “Fear eats the soul”. We have to stay calm and positive.