Opinions & Interviews

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 ...

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 ...

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, ...

2021-08-23 Roberto Ruozi

The SPAC Market: the Cases of the United States and Italy

SPACs (Special Purpose Acquisition Companies) are financial instruments created almost twenty years ago in the United States. Economia&Management dealt with these types of companies back in 2017 and 2018,[1] assessing the situation in the US and Italy; in the latter, SPACs emerged in 2011 not structured based on specific regulations or laws, but through a combination of legal forms allowed for other types of financial companies. When we speak of SPACs, we always need to refer to the regulation based on which each has been constructed. Despite having the same goals, different jurisdictions can ...

2021-07-16 Claudio Cosentino, Adelina di Pietro

Sustainability in Water Companies: The Case of ACEA ATO2

Sustainability is one of the largest challenges that every company has to face in order to evolve towards an economic system that is able to combine protection of the environment, social and economic development.  Water service managers are defined as "sustainable by vocation," since their fundamental mission is to guarantee present and future generations access to water services, a primary good for survival, ensuring the protection of the quality and quantity of water resources. They integrate the environmental dimension with economic development and the ethical-social dimension to simultaneously ...

2021-02-23 Veronica Vecchi, Manuela Brusoni

Public Procurement as a Driver of Economic Growth

In the coming months, Italy will begin to benefit from a considerable volume of resources, in the context of both the Next Generation EU and the new cohesion policy pushed by Prime Minister Mario Draghi. This is an opportunity that the country and its public administration have the duty to exploit productively, to sustain the society and the economy. Using these resources well implies not only selecting priorities and making plans, but also using purchasing tools and logics differently, an area that has always been considered a "minefield" by most of the personnel in the PA. In recent years, purchases ...

Risk management
2021-02-22 Cesare Conti

Towards an Advanced Approach to Enterprise Risk Management

A recent position paper published by the Italian Association of Financial Industry Risk Managers (AIFIRM) in collaboration with PwC demonstrates the presence of an evolved best practice on the subject of Enterprise Risk Management (ERM) in non-financial companies,[1] i.e. of a best practice strictly integrated with ESG policies (environmental, social, and governance factors), with the purpose and performance of businesses. However, unfortunately, the indicators on the spread of that best practice are not comforting, and not only in Italy, to tell the truth.[2] The spread certainly depends on the ...

2021-02-19 Roberto Ruozi

Old and New Challenges for Italian Banks

The pandemic which has tormented us for over a year has also disrupted economic and financial activity, triggering a crisis that it will not be easy to overcome rapidly. Here I would like to attempt to describe some of the consequences of the virus on banks, with particular reference to Italian banks. To this end, it is useful to recall the problems our banks were dealing with before the outbreak of the pandemic, that were the following: low or even negative interest rates; very high credit risk accompanied by the incomplete definition of the formal and substantial treatment of NPLs; excessively ...

Capitalismo sostenibile
2021-01-25 Francesco Perrini

For a Sustainable Capitalism

The year 2020 was disruptive for businesses, that are rethinking their role in social and other terms, and considering their activities from the standpoint of greater sustainability. Studies on "business finalism," understood as a process of continuous searching, definition, and redefinition of the meaning of individual, organizational, entrepreneurial, social, and institutional roles of business, trace back to Adam Smith. After having studied social and moral philosophy, as economics was not yet an academic discipline, Smith wrote An Inquiry into the Nature and Causes of the Wealth of Nations ...

Italia e EU
2021-01-13 Fabrizio Perretti

A Question of Management

We are facing the worst period of the pandemic. This is the view of experts in various fields of medicine, and is stressed by many authoritative political representatives. We knew that this period would come, but as beforehand, we found ourselves unprepared. Not on all fronts, certainly; for example, masks and other personal protective equipment are now widely available. But many things have certainly not functioned properly: the tracing system based on the Immuni app, the long lines for tests, the local transportation systems in many regions, and so on. Why is this? There are various reasons, ...