After the Covid-19 pandemic, we must prepare to face one technological pandemic, no less dangerous. This is what the President of the‘Abi (Italian Banking Association) Antonio Patuelli: “Banks must be provident about everything, prepared even for the unpredictable, even for a possible one ‘technological pandemic’ against which bank investments for security are huge “, he said in the course of his report to the Assembly of the association.
“Even after the pandemic – he added – banks will live in a globalized world and will have to fight all risks. We appreciate what the Supervisory and Guarantee Authorities of the markets are doing, such as the Consob, in fighting the financial illegalities that have grown on the network “.
PATUELLI: DESPITE THE PANDEMIC, THE BANKS HAVE NOT STOPPED
In his long speech, Patuelli proudly emphasized how in the “complex and dramatic” context of Covid-19 pandemic “the banks have continued to operate despite everything”, without ever stopping. The credit institutions have “pledged to reduce the effects of previous financial crisesi, deeply involved in the health and economic effects of the pandemic, worked every day, adding to the many tasks, the extraordinary ones resulting from Covid. The pandemic did not find the banking world unprepared in Italy which, after important, complex and constructive negotiations between ABI and the trade unions in the sector, at the end of 2019 had created the new far-sighted National Labor Agreement, which also provides for forms of work unexpected and has favored the constant constructive dialogue that has allowed us to continuously define new agreements even for exceptional times “.
PATUELLI: THE ROLE OF FUNDAMENTAL EUROPE IN THE FIGHT AGAINST PANDEMIC
“The European Union was in crisis when Covid arrived, after difficulties and lacerations that culminated in Brexit. The pandemic has stimulated a qualitative leap in the EU, with very significant innovations“, said Patuelli.” The ECB, with the decisive commitment of Bank of Italy, is at the forefront of initiatives that have secured the Euro, which has greatly limited the dangers of serious financial crises in member countries, starting with the most indebted, such as Italy. ECB Supervision has introduced flexibility and stability measures to prevent banking crises. Other European bodies, with a wider perimeter of member countries, such as theEba, now at 27, they alternated flexibility and rigidity resulting from complexities to reach compromises “, but, he added,” the new definition of default and the most stringent rules of the calendar of impaired loans badly reconciled with the pandemic “. Patuelli recalled how the EU” responded to Covid with the great development program and the vaccinations they represent, with thefinancial interventions, the first major concrete programs of the EU in the face of a serious emergency. The European Union is moving at ‘two speeds’, with the Euro area more advanced and innovative. But that’s not enough “.
PATUELLI: AFTER THE PANDEMIC, ITALY EVEN MORE INDEBITED
Patuelli also remarked that “in order to reduce structural costs, banks in Italy have made significant progress, with industrial plans discussed with trade union representatives, refusing dismissal as a method to reduce staff”. Italy “will emerge from the pandemic even more indebted: financial consolidation should not further burden companies, which would be penalized by international competition, or households. It is necessary to correct the lrap, of dubious constitutionality, which weighs on businesses regardless of the income they produce or not “. According to the president of Abi, “the enormous efforts of the banks” to support families, young people and businesses “are not enough” because “when the pandemic is really over, everything will not be able to and will not return to the way it was before”.
PATUELLI: THE NEXT STEPS TO SUPPORT THE RECOVERY
“We need to promote great economic and social growth with massive investments for strong sustainable development, making the best use of EU funds and encouraging Italian savers to invest not only in government bonds, but also in convertible bonds and company shares “. In addition, we must” encourage investments in scientific research in Europe and Italy to be more effective and faster in any eventuality. The protection of health and the environment must be priorities in every area: efforts are never sufficient and decisive. The UN must also be revitalized “.
Patuelli also dealt with gender equality: “In the protection of gender differences there can be no penalties for professional careers: women are truly free to choose without gender doing it for them”. Banks “must be an example with the highest levels of professionalism and integrity required by the rules and the complexity of the tasks, with strong ethical sensitivity in all operations, from the commitment in the fight against money laundering and usury, to further growth of tracked payments “.
“Banks and those who work there have developed training, technologies and organization to make it possible mass financial operations to prevent corporate crises, with unchanged banking legislation, so far with several million formal moratorium practices and approximately 2,300,000 new or extended loans, more or less guaranteed, for over two hundred billion euros. In addition, “the banks are very busy supporting the Young people, first of all for the new highly subsidized mortgages dedicated to them “.
PATUELLI: STOP TAX PRIVILEGES AND TURN GREEN
“We need more fairness first by correcting the tax privileges of large international technology groups“, added Patuelli. Furthermore,” the reduction of emissions, the rapid growth of renewable energies and the sustainable economy are essential. cryptocurrencies, which currencies are not, and the very strong risks of illegality that they hide. “According to Patuelli, then, it is also necessary “‘constitutionalizing’ the Web, constantly fight their abuses and guarantee their safety from the infinite risks of illegality, oppression and inequality: it should be a fundamental mission of the UN to guarantee everyone equal duties and rights. The EU must be fully committed to a common area of data protection “.