Journal of
Italian
Banking
Association

year 100
 

Archive » July / August 2012

July / August 2012

Ecb new policy and instruments in the years of the crisis

Alberto Banfi, Fiorenzo Di Pasquali
In times of extraordinary financial markets tensions, the Ecb can make use of unconventional monetary policy that are by definition exceptional and temporary in nature
Shares prices trends are often not readable and the correlation between prices, environmental variables and corporate information to the market may be unclear, as shown by a case study in the Italian Stock Exchange
The financial services turmoil and consumers change have created market fragmentation and are putting high emphasis on price. Consequently, the ability to provide products and services on a cost-effective basis...
The creation of a Financial Stability Fund, issuing bonds secured by real and financial assets, would produce a reduction in interest payments on public debt and mitigate the link between bank and sovereign risks

A war path for Italy

Mario Monti
Italy has engaged in a «war path» to recover the economy and extricate it from the crisis, but also to counter the widespread prejudices against the country, the heritage of its high public debt and of its structural economic vices
Italy must continue the work it has already begun in budgetary and structural reforms, and Italian banks must accompany this effort. They have been able to maintain financial assistance to solvent, creditworthy customers and businesses
Regulation and tax burden are seriously affecting the profitability of Italian banks, already struck by the crisis. Nevertheless, Italian banks are an element of strength and a vital resource for the recovery...