Paul Lachine

Cresce la sfiducia nelle istituzioni finanziarie

MILANO – In tutto il mondo si sta inasprendo il dibattito sulla vigilanza finanziaria. Sono diversi gli argomenti e le proposte in gioco, spesso contrastanti e di conseguenza volte a generare confusione sia nei cittadini sia nei politici.  

Uno degli approcci per un nuovo sistema di vigilanza finanziaria, sostenuto da diverse argomentazioni convincenti, prevede di limitare dimensioni e libertà di azione delle istituzioni finanziarie. Alcuni rivendicano il fatto che l'eventuale fallimento degli enti minori non comprometterebbe il sistema, risparmiando così ai cittadini i costi di un salvataggio. Tuttavia, qualora si verificasse un rischio sistemico secondo modalità non ancora del tutto chiare, le banche minori sarebbero le prime a fallire o a trovarsi contemporaneamente in difficoltà finanziarie, arrecando così danni all’economia reale. 

Il secondo argomento, spesso oggetto di dibattito, sarebbe quello secondo cui limitare dimensioni e libertà d’azione delle banche avrebbe costi relativamente bassi in termini di performance. Tale punto avvalla poi il terzo argomento: gli istituti maggiori hanno un’eccessiva e impropria influenza politica e sono pertanto in grado di “intrappolare” i propri enti di vigilanza. In parole povere, i grandi istituti redditizi troveranno un modo per ottenere il sistema di vigilanza desiderato: un sistema che sia compatibile con una super-struttura di trading altamente redditizia che vada oltre i requisiti di hedging e cerchi di massimizzare i guadagni a breve termine.

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