(Finance) – To make the European financial system more favorable to innovationAnd “a mix of private initiatives, regulatory reforms and public interventions is probably necessarythe. This was stated by the deputy general manager of the Bank of Italy, Paolo Angelini, in his intervention to ‘Financing Growth and Innovation in Europe: Economic and Policy ChallengeS ‘, organized by Bankitalia with the Florence School of Banking and Finance.
“Effective policies – he added – They should face all the obstacles to the emergence of a good innovation ecosystem, not only the financial ones “.
Angelini explained that the ‘Competitiveness Compass’ plan published by the European Commission “covers a wide range of topics”, but “a significant evaluation of the announced initiatives will only be possible when they are developed in more detail”. A reflection carried out by Angelini concerned the need for simplification, reported by Compass as necessary to strengthen competitiveness in all sectors. This certainly represents “a step forward” but it must be taken into account that “the list of initiatives that the Commission intends to adopt is very long. The risk is that the speed can go to the detriment of quality, with the paradoxical result, to increase complexity. This would not favor better investment decisions”. In the financial field, according to Angelini, compass “maintains a conservative position” because it does not contain proposals To “increase EU funds” and “does not take into consideration” the hypothesis of issuing a common European title.