International Financial Cooperation as an Engine of Trust and Solidarity
In the Jubilee year, the Bank of Italy and the Università Cattolica del Sacro Cuore promoted the international seminar "Cooperative Financial Institutions in the 21st Century for Global Economic and Social Development". Speeches by Governor Fabio Panetta and Rector Elena Beccalli
"Credit and debt are not only financial instruments, but expressions of trust and responsibility. And when debt in poor countries becomes unsustainable, this same sense of responsibility pushes creditors and debtors to work together to find equitable solutions that favour growth": these were the words of Fabio Panetta, Governor of the Bank of Italy, opening the international seminar "Cooperative Financial Institutions in the 21st Century for Global Economic and Social Development" promoted by the Bank of Italy and the Università Cattolica del Sacro Cuore, significantly in the Jubilee year dedicated to Hope, in collaboration with Federcasse, which was held on 8 October in Rome, at the Bank of Italy Conference Centre.
"Multilateral cooperation," the Governor continued, "is not a burden: it is a strategic investment. At a time of fragmentation and nationalism, we need to renew our commitment to solidarity. Leaving nearly two billion people behind is certainly not a reliable basis for stability and prosperity, either globally or in advanced economies. We must therefore ensure that credit, whether it is given within a village or between different nations, pursues its highest purpose: building trust, promoting dignity and paving the way for a more just and humane world.
The event centred on a thematic panel moderated by the Rector of the Università Cattolica del Sacro Cuore Elena Beccalli, with speeches by Patricia Camacho, Founder of a cooperative bank in Ecuador, senior consultant in climate and community finance, former CFO of Fondo Ecuatoriano Populorum Progressio, Nina Schindler, Chief Executive Officer, Secretariat General of the European Association of Co-operative Banks, and Mazamesso Assih, Minister for Financial Inclusion and Organisation of the Informal Sector of the Republic of Togo.
"I would like to draw your attention to the value of financial biodiversity," began Professor Beccalli. "Biodiversity first and foremost fosters greater financial inclusion, as the presence of a diverse range of intermediaries tends to generate differentiated policies in client selection, as well as distinctive approaches in the assessment of clients and their credit needs.
“Al di là dei dati - ha continuato - sin dalle origini, le banche cooperative si sono basate sul relationship lending, che le distingue dalle grandi banche e alimenta un legame fiduciario con le comunità di riferimento. Per queste istituzioni, la fiducia funziona come una forma di capitale, trasformandosi in una risorsa che riduce l’incertezza e genera valore. Il relationship lending è dunque un modello in cui fiducia, prossimità, conoscenza reciproca e scambio di informazioni informali giocano un ruolo cruciale. La banca è così in grado di gestire il rischio di credito non solo attraverso algoritmi sofisticati, ma anche interpretando le informazioni derivanti da un rapporto fiduciario di lungo periodo con l’imprenditore. Si potrebbe dire che il relationship lending si fonda su una vera e propria intelligenza relazionale”. “Di fronte alle sfide poste dall’intelligenza artificiale - ha concluso il Rettore Beccalli - l’intelligenza relazionale che caratterizza le banche cooperative è
