Production and the economic system in Lombard are slowing down, but not stopping, employment rates continue, sectors remain positive and, above all, entrepreneurs remain confident. This is the latest economic analysis that confirms the strength of Lombardy and denies the negative forecasts of the usual alarmists. But we remain vigilant because there are problems, I believe, that purchasing power is limited by inflation, despite efforts by the government to improve payrolls by lowering the tax wedge or deferring business investments due to liquidity costs. Problems that do not limit optimism. Among all this, the main reason for the slowdown in the ECB’s monetary policy is in response to speculative and unconventional inflation (energy costs). The very strong increase in interest rates has slowed down those countries, such as Lombardy, which have already suffered more than others from the huge growth in energy costs. For months we have been asking the EU to accompany the ECB’s conventional monetary policy by restoring the European Guarantee Fund for Credit Access, repeating what was done during the health pandemic. Unfortunately we realize that we were not heard.
If Europe had listened and acted as Lombardi suggested, companies would have continued to access credit and invest in innovation. What will be the role of banks now? In recent years, the lack of administrative responsibility, and in some cases the deception of saving clients and extremely risky financial speculative activities, have rightly prompted the European legislator to strengthen the rules of supervision and management. However, the consequences were not only increased professionalism and skills of managers, strengthened administrative processes also in the field of internal supervision, mergers and incorporations leading to improved financial situation, but also increased difficulties in obtaining credit. We can discuss how effective a large monopoly bank is in the economy compared to regional institutions taking into account the economic and social characteristics of the regions.
To ensure that Europe returns its role to the banks, we must encourage the provision of generational credit in society, its economic growth, and young people to be able to buy a home and start a family. Urging companies to innovate, and perhaps facilitating the investment of private savings in productive ecosystems. We can no longer be divided between “it’s the banks’ fault” and “the banks can’t do more”: let us resume the European debate on their role because competitiveness depends on those who produce, not on those who speculate. , let’s focus on the tools that help most areas of manufacturing. In the sector strategy, in addition to companies, universities, research and training centres, credit institutions play an essential role because without liquidity you cannot invest, innovate or compete. Safe banks are for savers, but also champions of investments. We must open the discussion so that Europe can support and drive the real economy through banks: reaffirming its traditional role would be a great innovation.
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