(Finance) – “A sort of “cosmic” “economic” pessimism prevails in the old continent. In addition, the awareness has grown that, without adequate interventions, this gap is destined to grow further. And above all, the savings of European citizens migrates and will migrate in search of the best risks/returns, going to finance the growth of bags and American public debt. This is now the true “doom loop”, the spiral of Europe’s pessimism. He said so Massimo Mociopresident of ASSIOM Forex, at the 31st congress of financial market operators.
“This is all the more reason why i European capital markets are not integrated, and often they are not deep enough and liquid – He explained – in the last 25 years, the value of the capitalization of the world bags has quadrupled, reaching 80 trillions of dollars. Well the American bags today represent two thirds of the total. European bags a miserable 15%. In the old continent, we observe a slow but inexorable trend: acquisitions and mergers of listed companies and a continuous succession of delisting, are far superior to the new placements “.
According to Mocio, “Italy and Europe would need more “equity” or, better, more “L’Aquity culture”. Whether we like it or not we are a “debt economy”. That’s why we took 15 years to get out of the great financial crisis. There is no culture that plays the risk capital at the center of each development project, of every successful company, of each infrastructure initiative. It is this “Culture of L’Aquity”, of the risk capital that has made that in the United States all the “magnificent 7”, the leading companies of the technological sectors – which today weigh for a third of the US capitalization – have been financed, fin, From their birth, from private capital “.
The president of ASSIOM Forex claimed that there are Elements of optimism on the creation of a single capital market in Europe: “The first: Europe has already laid the foundations for a common debt title without risk. We are talking, to be precise, of the European Union Bonds issued to finance the Sure and Next Generation EU (NGEU) programs for about 1 trillion of euros, with a good secondary market infrastructure, which guarantees liquidity and thickness investors. , in perspective, potentially comparable to American public debt securities. of criteria to be considered a safe activity “.
Mocio pointed out that “these titles are exchanged at a discount compared to the Bund, but the latter cannot be considered a risk -free title. The market has realized it in the last year. In fact, the movement of the bund towards the Swap rate – which is definitively the real risk without risk – testifies to a Important worsening of the credit merit of Germany. Even the positive movement of the differential between Italian and German titles – which we think can continue – is due, first of all, to a relative worsening of German credit risk. Similar goes for the other great country, France “.
According to the president of ASSIOM Forex, “in the face of the deterioration of the credit merit in the individual countries of the Union, it is” inevitably “convenient for everyone, to make the issue of a common debt title structural, explicitly defining what common expenses to finance: Sectors such as that of defense, energy transition, digital development. market would greatly appreciate a European “Safe asset”with a lasting program, rather than transitory, recognizing a high credit merit “.