The ongoing dispute over control of banks in Italy should end with the decision-making center in Italian hands, argued the president of Confindustria, Emanuele Orsini, in an article published in Corriere della Sera. According to the newspaper Il Sole 24 Ore, the solution with the greatest solidity and industrial capacity should prevail, not the one that is most sophisticated from a financial point of view.
Orsini states that the question is not who wins the current financial dispute, but what architecture is being built for the Italian financial system and for the financing of corporate investments. He cites the complexity of Monte dei Paschi di Siena's defensive move and says that the request for an opinion from Consob, the body that oversees the Italian capital market, shows how delicate the situation is.
The executive points out that Banco BPM already has a significant French presence in its capital and classifies Generali as one of the country's financial pillars, guardian of a significant portion of Italians' savings. Bringing these worlds together, he writes, creates an enormous concentration of financial power. His concern, he says, is who might be in control in five or ten years. "Openness cannot mean naiveté," he states, citing the French defense of their national champions.
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Read the original article in Italian in the newspaper. Il Sole 24 Ore .
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