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Donato Masciandaro

Public debt and interest rates: the compass dilemma

Let’s start with the facts. The incoming German government coalition has reached an agreement to increase public spending by 500 billion euros, easing both formal and cultural constraints on spending, deficits, and debt – particularly with regard to defense. Following the announcement, German bond yields rose. But does this market reaction reflect optimism or concern? An empirical analysis applied ...

Gianmarco Ottaviano

The shortcut of protectionism: external solutions for internal problems?

“Amor, ch'a nullo amato amar perdona.” Throughout the Inferno, many sinners offer justifications or shift the blame onto others, trying to elicit pity from Dante the pilgrim or to rationalize their eternal torment. This tendency highlights Dante’s view that sin is a deliberate act of will, and that trying to escape responsibility is itself part of damnation. Of course, protectionism is not a ...

Roberta Accettura, Antonella Pirro Ruggiero, Riccardo Rossi, Alessia Giorgia Sisti

Corporate & investment banking: perceptions of GenZ and millennials

The research methodology Our study began with a desk analysis based on accredited sources regarding research around the values and concerns of Under 36s, regardless of industry. The objective was to identify possible differences or overlap between young people in Corporate & Investment Banking and those working in other fields, starting with a larger sample. Next, we focused on C&IB, running qualitative ...

E&M Plus

Doing business in a changing world: how Italian managers can lead the future of export

Director Battocchi, the global landscape is entering a new cycle of tensions and instability. Amid regional conflicts, trade restrictions, and the renewed focus on economic security, how are Italian companies coping with these shifts in their international operations? The Italian economy is highly diversified across sectors. We rank among the world’s top three exporters in roughly 1,000 out of 5,000 ...

Thanos Papadimitriou

Apple at a critical crossroads: dependence on China and the tariff war

"Designed by Apple in California. Assembled in China." The presentation of the first iPhone by Steve Jobs on January 9, 2007, in San Francisco, California, went down in history not only for its theatricality but, above all, for its vision. The live demonstration of an entirely new product, which introduced so many innovations, literally marked the beginning of a new era – both in technology and ...

Andrea Dossi

Beyond practice updates. values and principles redefining controlling

The Planning and Control (P&C) system is undergoing a moment of profound transformation. Throughout all of business history, in the face of external changes, the control function evolves when it becomes clear that existing practices are losing relevance. In other words, they can no longer direct managerial action – the perennial litmus test of the usefulness of the P&C system. To regain this relevance, ...

Sylvie Goulard

The EU roadmap towards nature credits: new opportunities for business and risks management

Currently, if you cut a tree, you get revenues from timber. In some cases, you can even get money when you replace it through “reforestation schemes”. If you keep it alive, allowing it to continue to capture carbon and keeping intact the larger forest ecosystem, you are not remunerated. This is what should change and what nature credits (or biodiversity credits) could make possible. Recently the ...

Andrea Beltratti, Alessia Bezzecchi

Financial education: what national project?

Italy does not rank among the top countries for financial literacy according to OECD statistics. But is there enough awareness in our country that financial education is important for individuals and for the economy as a whole? We have been talking about financial education since at least the mid-1990s, so this is not a new emergency that we haven’t had time to address. How is it possible that after ...

Donato Masciandaro

Cash and digital money: beware the Stockholm syndrome

The digital euro is a public investment that needs to be made as soon as possible. Europe must maintain both physical and digital euros. The rationale is straightforward: the less public money is used, the greater the risk of becoming hostage to private and foreign monies – often without realizing it, and even inadvertently encouraging them. This is a kind of Stockholm syndrome, and it is precisely ...

Andrea Beltratti e Alessia Bezzecchi

Real Estate Securitizations 7.2: Benefits for Corporate Finance

Europe is undergoing a gradual transition that is reshaping the relationship between financial resources provided by intermediaries and those raised from the markets. As noted by President Draghi a decade ago, the financing landscape in Europe was significantly different from that in the United States, with intermediaries dominating the European continent and markets prevailing in the US. The bank-centric ...