The Biden Administration and the Future of America
President Biden’s inauguration comes at a moment of serious division in the United States. Urgent domestic issues and a shifting international context have created some major challenges for the American leadership. Although he may be eager to put the “Trump factor” behind him with a long series of executive orders right from the start, the new president must also lay out a broader strategy.
For a sustainable and responsible economy: the role of finance
Sustainability has been a concern in the financial world for some time now, with steady and significant growth over recent years in investments centered on ESG (environment, sustainability and governance) criteria. Far from slowing that trend, the Corona virus epidemic is proving an accelerator, with investors seizing on the opportunities associated with a “green” recovery and reconstruction.
Financing the recovery. Europe, Germany, Italy
The main thread of the meeting could be summarized in this initial question: How can political relations between two culturally similar countries like Italy and Germany be so fragile and apparently unstable despite the solid trade relationship they enjoy? The parameters of the search for an answer were broad and deep, proof of the historic breadth of an Italo-German relationship dating back to the Renaissance and marked today by the shared values and principles of the European Union.
The future of the European economy: the new Commission’s choices
The European Union is confronting a series of long-term structural challenges that, nevertheless, require the immediate implementation of high impact, broad-spectrum policies. An initial issue is climate change, naturally a planet-wide concern for which Europe has already set goals, such as carbon neutrality within 2050 (which will obviously have direct effects on the energy sector).
Open innovation: financial technology, banking, business
Banking is one of the sectors most exposed to the digital revolution. The major changes introduced by new technologies and the various actors that have debuted on the credit market are causing traditional operators to wonder about their future. The timid attempts at innovation undertaken to date by Italian banks do not appear sufficient to ensure their competitiveness in a scenario that is seeing sources of short and medium term returns shrinking.
Women empowerment, financial inclusion and sustainable development: public choices and private partnership
The empowerment of women calls for a combination of measures capable of invoking the Sustainable Development Goals and their social, economic and environmental dimension; and in equal measure the financial dimension, which is gaining growing importance in this contemporary world and where women are under-represented. What is needed are policies and actions aimed at a sustainable finance sector that sees women as essential players in economic growth and, even more importantly, in all aspects that regard inclusion.
How the financial markets see Italy
Current economic data offer a conflicting pitcure of the Italian country system. Some of the numbers are encouraging: the balance of payments is positive, inflation is low and portfolio investments in Italian assets have once again begun to rise, in some cases surpassing pre-2008 financial downturn levels. At the same time, unemployment levels, low growth and a public debt at near historic heights are evidence of how some key problems are far from having been resolved.
The future of banking, the bank of the future
Wedged as they are between factors that limit profitability and competition from Fintech companies, banks are being forced to innovate. In a European scenario penalized by low interest rates, Italian credit institutions are also suffering the impact of the country’s low economic growth and of trends affecting the government bonds, of which they are the principal holders. Added to all this is a European legislative framework that has continued to evolve over recent years and that has prioritized the reduction of risk associated with non-performing loans.
Brexit and financial markets: the consequences for Italy
Brexit and all the uncertainty it is generating constitute an entirely new and potentially destabilizing element for financial markets.
London has long functioned as Europe’s main financial market despite being located outside the Eurozone. The United Kingdom’s exit from the European Union now places Europe at a crossroads: either reach an agreement making it possible to maintain a good portion of operations in London or begin the long and painstaking task of creating a continental marketplace.
A new winter for the global economy? Geopolitical and financial risks
The US economy continues to show signs of very strong and wide-based growth, although a few indicators suggest possible problems going forward. A relatively optimistic view points to the fact that there are no significant financial imbalances – especially since companies are doing well. Historically, unless the real estate sector is directly involved in a crisis of confidence, even significant equity market corrections do not cause recessions. The housing market has indeed slowed, but only to the degree that this was expected, and current prices appear to be sustainable.
Banks and the real economy: renewing cooperation to boost local development
The participants at this National Conference noted that after a decade of profound economic and social crisis, some encouraging signs are emerging on a macroeconomic level that lend hope to the possibility of reestablishing a virtuous circle between the financial system, the real economy, and society at large. It was acknowledged, however, that there are still many challenges to be addressed, including regulation and the technological acceleration that has led to the advent of the fintech phenomenon.