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F.D.T. CONSULTING PAPER Competitiveness of Italian financial markets supporting growth


In the complex economic situation that the Italian system is facing as a result of the pandemic, the capital market is called to play a fundamental role to accompany and support a recovery path. The development of the capital market is in fact a fundamental element for the realization of the investments in digitalization, innovation and sustainability necessary to achieve the strategic objectives underlying the National Recovery and Resilience Plan (NRP), and in translating its effects into a structural increase in the rate of potential growth of the economy and employment.

Alongside the extraordinary interventions of financial support for companies promoted by the Government, it therefore seems necessary to promote an organic set of initiatives – without burdens on public finances – that favor a structural "change of pace" in the relationship between companies and the capital market; on the one hand by removing regulatory and operational constraints on market access by companies, on the other by introducing measures that stimulate, both on the demand and supply sides, the channelling of investments towards companies, towards markets. This is also in light of Brexit and the recent integration of Borsa Italiana into the pan-European Euronext group, which make the need for attractive and efficient capital markets even more topical.

With this spirit and purpose – and in continuity with the OECD analysis contained in the "Capital Market Review Italy 2020" report1 drawn up at the instigation of the Ministry of Economy and Finance – this document starts from a recognition of the current situation of the Italian financial markets in international comparison and identifies, also on the basis of empirical evidence, some possible areas for an initial revision and modernization of the framework regulation and administrative and market practices, while being aware that these areas do not exhaust the scope of desirable interventions. The document is characterized – in summary – as a part of an "action plan" which, although organic in the philosophy underlying each intervention, necessarily consists of measures that operate and insist on different levels, from the set of rules in its various articulations (primary and secondary rules, self-regulation) to the application and administrative and justice practices. The proper functioning of a market economy does not depend solely on the adequacy of the regulatory framework. In addition to clear and quality rules, it is equally essential that financial markets can rely on an efficient and effective judicial and administrative enforcement system. PER LA VERSIONE FULL SCRIVERE A