Trying to increase liquidity into the real economy


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Trying to increase liquidity into the real economy.

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Patrimonio Destinato

Hello and good afternoon by Giulio Centemero on

Today we have session for the final vote to the budget law. But I’d like to talk to you about something else: the so called “Patrimonio Destinato”, roughly translated in “destined equity”. The “destined equity” has been created by the relaunch decree and it’s a fund allocated through the assignment to CDP of goods by the Ministry of the Economy and Finance. In order to do so for 2020 it is authorized the assignment to CDP of govies and other liquidity for maximum 44 billions. As a matter of fact it is a public fund completely managed by CDP. A portfolio of asset management firms, perhaps chosen through a public tendering procedure would have probably ensured a more effective, efficient and transparent management. I asked in a hearing the reason of this choice to the General Director of the Treasury, mr. Rivera, who answered they didn’t find it an interesting option. But competition is the soul of the free market and leads to the best results, in this case for the citizens. Moreover the fund, whose purpose is to sustain and relaunch the economic and productive system, would have liven up also a part of our financial sector.


CORONAVIRUS. We also think about Italy’s economic future





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.

Economy Finance, business, entrepreneurship Press


Economy and International relations

Stock Exchange for the Real Economy

The prime minister opened the Milan’s Stock Exchange this morning, sending an important message to the real economy.

In a time when accessing debt finance through the banking system is proving more and more difficult, the development of a stock exchange focused on the real economy is of utmost importance. The ability to access affordable capital is fundamental for the growth of SMEs.

At Piazza Affari, 357 companies, of which 259 are SMEs, are listed at a total market capital of 542 bn Euros. Since the listed companies maximize value for shareholders and guarantee transparency, they represent a platform able to attract foreign direct investment and thus create positive effects on jobs and tax flow.

In 2013 E&M, a magazine by SDA Bocconi School of Management, published the eloquently titled article, What would Italy look like with 1,000 listed companies?, describing how listed companies can lead to real growth by increasing employment, investing in R&D and developing more balanced financial structures.

The path is still long but we need to persist.. The last budget law introduced progressive steps forwards. The challenge for Italy, a country that has always relied on debt more than equity, is now a cultural one.

Economy and International relations

«Non è vero che investire su AIM mette a rischio i risparmi degli Italiani:

«Non è vero che investire su AIM mette a rischio i risparmi degli Italiani: e chi afferma il contrario probabilmente è più interessato a commissioni di trading (acquisti sul secondario) piuttosto che a finanziare effettivamente l’economia reale (sottoscrizione in primario: OPS e AUCAP)».

Sono parole nette quelle pronunciate dall’onorevole della Lega Giulio Centemero, capogruppo in Commissione Finanze, in merito ad alcuni servizi apparsi ieri su alcuni organi di stampa riguardo l’efficacia dei nuovi PIR (Piani individuali di risparmio) e, in particolare, sulle ultime novità in materia introdotte dalla Legge di Bilancio e valide dal primo gennaio. «In uno degli anni peggiori delle Borse mondiali, l’indice AIM ITALIA nel 2018 è stato uno dei migliori – ha rimarcato Centemero – In particolare l’indice delle società STAR (a media capitalizzazione) dove sono confluiti buona parte dei cosiddetti “vecchi PIR” ha fatto registrare una performance negativa superiore del 40% circa rispetto all’indice AIM (piccole capitalizzazioni). Questo perché è stato fortemente influenzato dalle vendite da parte degli investitori esteri. La nuova norma, invece, incentiva maggiori investimenti dei fondi PIR anche verso le piccole società che rappresentano il primo sbocco occupazionale del nostro Paese. Strumenti simili e ben più consistenti in termini di impegno all’investimento, sono presenti in Francia, Germania e Gran Bretagna. Inoltre una buona parte dei fondi PIR non ha investito in azioni ma in obbligazioni e quindi il 3,5% di nuovi pir investiti sui sistemi multilaterali di negoziazione (tra cui il maggiore è AIM) è una quota estremamente ridotta della raccolta totale. Considerato che il limite annuo di investimento nei PIR è di 30mila Euro a persona, la quota massima pro capite annua che andrebbe sui sistemi multilaterali di negoziazione è di 1.050 Euro solo per fare un esempio. Quindi ancora una volta non si mette a rischio il risparmio degli italiani».

Infine Centemero rimarca un altro aspetto che ha spinto il Governo ad apportare delle modifiche alla norma. «La raccolta sui fondi PIR nel 2018 è calata del 70% circa rispetto al 2017. Grazie alle nuove previsioni introdotte con la legge di bilancio (che – ricorda Centemero – hanno efficacia solo per i piani sottoscritti dopo il primo gennaio 2019) si vuole risvegliare l’interesse per questa tipologia di fondi, con l’obiettivo di avvicinare il risparmio degli italiani all’economia reale, a beneficio di occupazione e crescita dell’intero sistema paese. Lo Stato concede un incentivo fiscale rispetto a tale strumento ed è corretto che a fronte dello stesso si investano i soldi dei piccoli risparmiatori italiani sull’economia reale, diminuendo la volatilità, creando un ritorno anche sociale per i risparmiatori stessi e aiutando le nostre PMI a emanciparsi dal debito favorendo il capital equity.”

Economy and International relations

Italian Economy is stronger than the French one. Our regional structure makes the difference.

Last Sunday I had a connecting flight in Brussels and got a copy of Saturday’s 5th January “L’Echo”, the Belgian French speaking most popular financial newspaper.

One article caught my attention. In particular Geert Noels, economist and founder at the investment firm Econopolis, compares the current situation in France to the Italian one.

Yellow Vests’ protests pushed France to put its reforms on the shelves. At the same time Germany thinks to solve the problems of a “too big to fail bank” creating another bank, a bigger one. The ECB bought some time investing 3’000 billions Euro in debts acquisition. But now we are in a cul de sac with only a way out called: structural reforms.” Mr. Noels write.

He adds “French economy is the big sick of Europe. The Country has the highest tax pressure in the Eurozone, competitiveness lowered, public finances are unstable. In order to satisfy the “Gilet Jaunes” the public deficit will increase up to 3.5% of the GDP in 2019, a number that doesn’t take into consideration the deterioration of the economic conjuncture.”

While German and French economies were comparable about 15 years ago the differences raised without anyone paying attention because the EU institution were focusing on more sick (?) member countries like Greece and Italy.

“While Italian economy faces structural problems, especially in the South, it also has some hidden assets that France doesn’t have. E.g. Italy has a lower ratio of private indebtedness, a significant ratio of savings, a surplus of the current account and a more solid manufacturing industry. The problem of Italy is more the force of the Euro than, the often highlighted, public Debt.

If we don’t take into account Paris, France has an incredibly low per capita GDP. The Hexagon is organized in a centralized way while Italy is decentralized, thing that makes a huge difference in the disruptive times we are living these days. The average Italian citizen can adapt his habits if necessary bypassing the State while the average French citizen waits for Paris instructions.”

In a nutshell the Belgian economist says that our multilevel governance, structured around our Regions (e.g. Lombardy) has a positive impact for the Economy.

Within the possibilities of the “Titolo V”, i.e. articles 114 and on of our Constituion, a number of powers can be either assigned to the central government or to the Regions.

Regions Veneto and Lombardy (both with League’s governments) held referenda last year to avocate more powers and the president of Emilia Romagna (Democratic Party) asked the government for the same requests.

The Minister of Regional Affairs, Ms Stefani, is ready to submit the agreements drafted with regions Veneto and Lombardy (Emilia Romagna’s one is still in process) to the Prime Minister in order to start the procedure.

It is very likely that other regions, in the South Puglia showed already some interests, will follow this path.

More autonomy for the regions would generate an healthy competition among territories, creating more value and providing more financial stability.

Institutional architectures like the ones of Switzerland and USA are for sure more efficient than the centralized ones and the Italian government seems to understand that.

Autonomy is our structural reform.

Culture, Music, Literature

Italy’s building the ecosystem for growth. Shifting from Debt to Equity.

In about one and a half hours as MPs we are called to vote the Budget Law for 2019 and I’d like to share some thoughts about it regarding what I call a bold cultural revolution.

In the said law a number of measures to increase the allocation of resources to SMEs and Startups IPOs, VC funds and innovative Startups are going to see the light.

First of all pension funds will be able to invest more than before in Italian and EU resident VC funds as the quota of allowed investment increases up to 10% of each pension fund assets.

The discipline of PIR (Long Term Investment Plans) is modified so that 3.5% of their funds should be invested in MTS (e.g. the small cap market AIM) and 3.5% in VC funds.

Considering that in the last 18 months 18.5bn Euros have been collected, the latter measure will give a significant boost to IPOs and equity investment to the so called “real economy” in a Country where debt has often been the option chosen by entrepreneurs to grow.

During the financial crisis, who hit very hard a “bank centered” Country like Italy, AIM market sometimes represented the only alternative for SMEs to find capital.

With this measure Milan can in a hand fund Italian SMEs and Startups for their growth and in the other hand attract foreign subjects that can enjoy not only the more capitalized MTS but also the 50% tax credit for SMEs IPO costs.

Moreover at least 15% of the dividends distributed by companies participated by the Ministry of Economy and Finance will be invested in VC funds and the Government is allocating a total amount of € 110m from FY2019 to FY2025 to set a fund supporting VC activities in the Country. The latter will be managed within the Ministry of Economic Development.

Another measure going to be approved is that in case of investments in Innovative Startups (as defined by the Italian Startup Act) Individuals and Companies will enjoy in 2019 a tax deduction increased from 30% up to 40% and to 50% only for Companies (CIT payers) in case of purchase of 100% quotas of the IS with an holding period of 3 financial years.

Within the new Flat Tax framework (one of League’s «warhorses» during the last electoral campaign), setting forth a tax rate of 15% (5% for new activities) for taxpayers with maximum revenues of € 65K, the work for equity subjects have been included other than all those professionals investing e.g. in Innovative Startups.

With financial allocations estimated in more than a billion Euros and significant tax deductions the framework for Growth is almost ready; the real challenge will be changing Italians’ mindset and convincing foreign entrepreneurs that Italy is the best place to Grow their ideas.

We are definitely ready to do that!

Economy and International relations

Stimolo alla crescita: 400 milioni e più su AIM, PMI e StartUp

Con l’emendamento a mia prima firma si assicurano sempre più risorse alle piccole e medie imprese, la spina dorsale dell’economia italiana.

Ieri l’altro l’emendamento alla Legge di Bilancio è stato approvato in commissione Bilancio alla Camera dei Deputati. In particolare viene modificata la disciplina dei Piani di risparmio a lungo termine (PIR) per introdurre un altro vincolo di destinazione dei relativi investimenti effettuati. Attraverso l’emendamento le somme o i valori destinati nel Pir devono essere investiti per almeno il 3 per cento del valore complessivo in strumenti finanziari non negoziati nei mercati regolamentari o nei sistemi multilaterali di negoziazione (Bond Visione Europe, ExtraMOT, AIM Italia, Mercato SeDeX solo per fare qualche esempio) di piccole e medie imprese, oltre al 70 per cento già vincolato in base alla normativa attualmente vigente.

Se si considera che la raccolta Pir nel solo 2017 è stata di circa 12,6 miliardi, questo significa almeno 400 se non 500 o 600 milioni a pmi e Start Up per crescere.

E’ un’ottima notizia per tutto l’ecosistema, in particolare per l’imprenditoria giovanile e le StartUp che rappresentano un settore strategico per la crescita economica, sociale e occupazionale del nostro Paese. Per questo l’impegno della Lega è di favorire il più possibile gli investimenti in imprese giovani, innovative e tecnologiche perché questo vuol dire scommettere sul futuro e credere nel valore inespresso delle nuove generazioni.

Finance, business, entrepreneurship

Legge di bilancio: innovazione!

Oggi in Commissione Finanze alla Camera abbiamo fatto un passo in più per l’innovazione, il sostegno alle start-up, e le agevolazioni per rendere il nostro Paese sempre più attrattivo per gli investitori esteri e generatore di nuove imprese.

Le misure che con il gruppo Lega ho sostenuto negli emendamenti alla Legge di Bilancio approvati oggi in Commissione Finanze vanno in quella direzione. Gli stessi contengono una serie di misure migliorative per rendere il nostro un Paese da una parte sempre più moderno, stimolando la nascita e lo sviluppo di imprese all’avanguardia, dall’altra più appetibile per i capitali esteri. Con l’emendamento sulle start-up si stabilisce che l’obbligo di iscrizione alla gestione assicurativa di coloro che esercitano attività commerciali è escluso per i soci delle società a responsabilità limitata che partecipano al lavoro aziendale in modo abituale per i primi cinque anni dalla costituzione delle medesime società e che le PMI innovative che investano in Start-up possano dedurne le perdite. Ma non solo. Perché per sostenere gli investimenti delle piccole e medie imprese è stata prevista la proroga del superammortamento che stabilisce per chi effettua investimenti in beni immateriali strumentali nuovi fino a 516 euro fino al 31 dicembre 2019 una «maggiorazione» del costo del 50 per cento ai fini della determinazione delle quote di ammortamento e dei canoni di locazione finanziaria. Infine il capitolo «patent box», la tassazione agevolata sui redditi derivanti dall’utilizzo di taluni beni immateriali: nell’emendamento presentato è previsto lo snellimento delle procedure di richiesta dell’agevolazione.

Come ho dichiarato alla stampa l’obiettivo è favorire la proprietà intellettuale quale driver di sviluppo economico come avvenuto in realtà di successo quali la Silicon Valley, la Svizzera e Israele, realtà che per noi devono rappresentare un modello di riferimento. Da qui anche la necessità di favorire la nascita di start-up e, in particolare, di start-up innovative, in grado di sviluppare le filiere in un’ottica soprattutto del Corporate Venture Capital.

Questa è un’aspirazione capace di superare le barriere politiche tanto che come capogruppo della Lega in commissione ho deciso di sostenere un emendamento del Pd con primo firmatario l’onorevole Fregolent che mira a favorire il flusso di capitali esteri verso l’Italia, con un occhio di riguardo alle PMI e ai “multilateral trading facility” come il mercato AIM e il crowdfunding. Ho deciso di sostenerlo perché va incontro a quella che è una priorità: la tutela e lo sviluppo delle piccole e medie imprese, la spina dorsale della nostra economia e della nostra società. Innovazione, start-up italiane e capacità di attirare capitali dall’estero: sono questi i principi sui quali mi sto battendo.