E&MFLASH

2022-02-04 Roberto Ruozi

Past, Present, and Future of Bank Concentrations

The phenomenon of bank concentration, as I have said on multiple occasions also with reference to other types of financial operations, lends itself to varied judgments in relation to both its formal intrinsic value and its practical application. Indeed the objectives and results of bank concentration, a phenomenon which has had significant effects in almost all countries in the world in the post-WWII period, have changed over the course of time, and the evaluations that have been expressed on it in different periods have been conditioned by the respective historical contexts. In our country, there ...

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2022-01-31 Cecilia Attanasio Ghezzi

The Chinese Renaissance and the Winter Olympic Games

When the Olympic Committee assigned the 2022 Winter Olympics seven years ago, in Beijing there was talk of "airpocalypse": the Chinese capital and its region were at the center of global attention due to a level of pollution so high that the population was forced to stay at home and factories had to close. The tradition of winter sports was based on just a few years of experience and the dry nature of the area that was supposed to host the outdoor events was such that, despite the harsh temperatures, it very rarely snowed. President Xi Jinping put himself on the line: "We will keep our promises," ...

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2022-01-11 Andrea Beltratti, Alessia Bezzecchi

Sustainable Social Finance & ESG investing

The role of the Sustainable Development Goals in pursing sustainability on the part of all stakeholders has made urgent the codification and relative measurement of ESG criteria in a holistic vision of investments and finance. The considerable diversity of the ratings of the main international agencies risks confusing companies and investors, hindering the pursuit of actions aimed at reaching sustainability. The work of the European Commission on the definition of the taxonomy is more advanced for the “E-Environmental” dimension, with the goal of completing and finalizing it with the “S-Social” ...

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2022-01-03 Donato Masciandaro

European Green Monetary Policy: A Double-Edged Sword

From the standpoint of European monetary policy, 2021 was an important year, with the announcement by the European Central Bank (ECB) of a revision in its strategy. The founding pillar is very clear: in accordance with the European treaties, the primary goal of monetary policy will continue to be the stability of the internal value of the euro. Given that primary goal, the ECB will have the secondary goal of supporting the other aims of the Union’s economic policy. In the list of secondary aims, the quality of the environment has appeared for the first time. Then, in a parallel document, the ...

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2021-12-14 Gianmarco Ottaviano

Green Jobs and the Challenge of the Ecological Transition

According to the International Labor Organization (ILO), the United Nations agency that deals with the labor market, the transition towards a green economy can act as a new engine for growth thanks to the creation of “good” jobs in both advanced and developing countries. The ILO recognizes, though, that this outcome is certainly not guaranteed, because new green jobs will not automatically also be good jobs. They will become good only through effective action, adopting economic and social policies that help workers adapt to the new market dynamics. This means first of all policies aimed at ...

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2021-11-29 Cecilia Attanasio Ghezzi

The Communist Party Crowns President Xi Jinping

Like Mao Zedong, like Deng Xiaoping. Actually, even more. Xi Jinping is the nucleus around which the party, the army, and the whole country must coalesce. And Xi Jinping thought is the only path to follow to pursue the Chinese dream and the rebirth of the nation. There can be no stumbles until 2049, when the People's Republic will celebrate the one hundred year anniversary of its founding. This is the sense of the "historical resolution" that closed the last important political appointment before the 2022 Congress, that which, if everything goes according to plan, will consecrate the perpetual ...

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2021-11-27 Francesco Panié, Valentino Affinita

How the First Bottom-Up Food Policy Can Be Born in Rome

According to the United Nations, over 55% of the global population lives in urban environments today,[1] and the global trend continues to grow, with projections indicating that the percentage will reach 68% by 2050. In our country, this threshold was already passed in 2018, and today more than 70% of Italians live in urbanized contexts. Thus, in a perspective in which food demand in cities will continue to increase, it has become essential to plan the environmental development of urban food systems. This need is based on the data published in 2019 by the Intergovernmental Panel on Climate Change ...

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2021-11-17 Roberto Ruozi

Interesting Developments in the Relationship between Banks and SMEs

An analysis of what is happening in our country in recent years indicates that the relationship between banks and SMEs is changing, even though the problem is not simple, and to understand it we must differentiate the two worlds. On the one hand, there are big banks (hereinafter BBs), local banks (hereinafter LBs), and new banks; on the other hand, there are SMEs operating in very different sectors, such as manufacturing, construction, ICT, professional services, and so on, but also with varying dimensions, as well as track records that can be more or less consolidated, or that remain to be invented, ...

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2021-11-03 Cecilia Attanasio Ghezzi

The New Chinese Web Celebrities, between Growth of the Digital Economy and a Government Squeeze

What ever happened to the "lipstick king?" Is Li Jiaqi, also known as Austin Li, still able to sell 15,000 lip glosses in five hours of streaming, or does his work have to adapt to the new China of shared prosperity and the ban on effeminate looks? With his 45 million followers on Douyin, the original Chinese version of the social network that in Europe we know as TikTok, Li may be the best-known of Chinese influencers and the digital economy that has developed around them, known as the "Wanghong economy." There is no doubt that Livestreamers, KOL (key opinion leaders), and new social platforms ...

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2021-11-02 Donato Masciandaro

Si vis pacem, para bellum: Afghanistan, the Taliban, and Financial Quarantine

The European Union is deciding if and when to reopen relations with the new government of Afghanistan. The EU, like almost all of the international community, has stated that it is worried about possible actions by the Taliban regime that could violate the population's civil and political rights. So it is not considering the possibility of a formal recognition of the regime. At the same time, there must be a decision on how to open a "calibrated relationship" with the Taliban government – the expression used by Brussels – to prevent other countries from gaining additional space, countries ...

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