…from the past week to the next appointments of Italian politics!

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During the past week we had the hearings, at the Finance Committee, concerning the so called Banks Decree, i.e. the Decree that assigns up to nine hundred millions  in state resources to the MCC in order to save Popolare di Bari.

During his speech, the Minister of Economy started talking about the measure, contained in the growth decree, providing the transformation of the DTAs into tax credits for the Firms located in the South in case of business combination, up to an amount of five hundred millions within eighteen months from the entering into force of the decree.

There’s no need to highlight the positive impact that such a measure would have had on the economy of the South and the one on Popolare di Bari in whose Financial Statements DTAs are hugely present.

The previous day, always during the hearings, also the Bank of Italy underlined the importance of such a measure telling that “the dialogue [with the EU Commission] is in place concerning the State Aid aspects” and that “it is important to make the measure active as soon as possible”.

Going back to the presentation of Friday morning, minister Gualtieri told that the dialogue is just informal because if it were formal we would have obtained a denial by the Commission and that the measure will likely be modified (but he still doesn’t know how).

At the end of the presentation I asked three questions to the minister: i) MCC will enter in Popolare di Bari at market conditions, but how do you determine such conditions if the listing is suspended and the capital reduced to zero? ii) what resources will be used for the rebates to the defrauded savers? We can only think about public money but there’s no allotment in this years’ national budget; iii) can we have a copy of the agreement between MCC and Popolare di Bari?

The minister replied only to the first question talking about evaluation techniques based on comparable transactions and didn’t reply to the other two questions.

It’s sad to ascertain once again the superficiality and lack of skills of this government : Italy needs a team work among institutions, punctuality and transparency.

The Ministry of Economy and Finance, the Bank of Italy and Consob should work together to make more robust and competitive our financial system. Instead this government does exactly the opposite.

Unfortunately not only the people of this government should be changed but also the rules of this country, starting from the electoral law that either adopts the majority system in order to originate clear majorities and governments lasting  five years or else the proportional system will always make space only for the status quo and the obstruction of the reforms needed to give Italy a boost.

The Constitutional Court will deliberate on the 15th January about the conformity with article 75 of the Constitution and the referendum proposed by eight regions to abolish the proportional quota in the current electoral law.

In few days we’ll see if the forces for change and future will win or the ones willing our Country to stay in the past.

 

 

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