The savings lever to be unlocked with common rules

More Europe. This was the first message launched loud and clear at the opening conference of the 16th edition of the Salone del Risparmio. A Europe that has shared rules on the capital market, business, energy, and defence, and that is no longer an agglomeration of 27 fragmented and separate countries. The second message, which is just as strong, relates to the need to create an increasingly solid bridge between the capital market and businesses, strengthened through managed savings, which through dedicated instruments should flow more heavily into the real economy. Appeals launched from the stage at the opening conference of the kermesse organised by Assogestioni.

Launching them first was Maria Luisa Gota, president of the asset managers' association, who emphasised how, despite the fact that savings in Italy and Europe are plentiful and widespread, they have not yet reached the right size: '30% of the savings of European citizens,' she explained, 'is stuck in current accounts or short-term instruments. To unblock this situation as an industry we can use three levers: productivity by focusing on technology and supply; complementary pensions, supporting public-private collaboration initiatives; and the advent of the Saving Investment Union (Siu)".

The steps taken in the area of supplementary pensions were summarised by Economy and Finance Minister Giancarlo Giorgetti, speaking live from Brussels. 'Automatic membership mechanisms have been introduced,' he said, 'and deductibility thresholds have been raised. Despite more than 10 million members and assets of more than 260 billion, there is still a big gap between the potential and the actual use of this capital to direct it towards the Italian economy'. The minister also stressed that 'at European level, Italia is in favour of greater integration of rules and supervision, enhancing the role of Esma, but avoiding bureaucratic duplication for operators'.

And on the European front, Enrico Letta (president of the Delors Institute) pointed out how the idea of the Siu is starting to take shape and become the norm. 'The proposals are there and the work of Parliament and the Council has begun,' he explained, 'and above all the debate has opened for the first time on what we should have done 25 years ago: the European Safe Asset. It was not done then because it already seemed so hard to do the euro. Now we are at the turning point, but we cannot do in 25 days what we have not done in 25 years'.

From the business side, Confindustria President Emanuele Orsini expressed great concern over the cost of energy, a threat to the competitiveness of companies. 'I think it is right to overstretch the stability pact not only on defence, but also on energy,' he said. 'It would be very short-sighted to think that some countries can make it and others cannot. Europe is strong if the whole of Europe is strong. I am a convinced pro-European and when we criticise Europe we do so because we want to legitimise it, not delegitimise it'. Orsini also stressed that 'in order to be able to attract capital from abroad, we need to start with legal certainty: it is fundamental for the country that there are no retroactive rules, especially for investors who want to have a long-term vision and need the rules of the game not to change in a hurry. This becomes fundamental and this is what we have to work on: we have to create trust'.