Financing Small and Medium Enterprises (SMEs) is a fundamental ingredient of economic growth in Italy and worldwide. A rapid lending recovery is particularly important after several years of crisis and recession. From the point of view of lenders, information opacity and fragmentation hinder the matching of demand for and supply of credit.
Recovery and more favourable liquidity conditions after the QE partly lessened financial risk for SMEs as perceived in markets. At the same time, prudential rules tend to increase the cost of the supply of this kind of credit.
The Round Table, on the occasion of the presentation of the second issue of European Economy – Banks, Regulation, and the Real Sector devoted to “Who takes the risk for funding SMEs”, deals with the analysis of the equilibrium between demand for and supply of SMEs financing. We will address questions as the following. Should we envisage a more significant role for public administrations? Do we need structural rules to reduce prudential requirements facing the finance for SMEs? Should we increase non-bank financial channels such as stock markets? Is reinforcing relationship lending desirable despite scoring parameters?
European Economy – Banks, Regulation, and the Real Sector is a new online journal aimed at encouraging the well informed and rational debate on regulation framework and its effects on the banking business and the real economy, by involving scholars, representatives, and practitioners.
Giorgio Barba Navaretti, Professor of Economics, University of Milan, and Chief Editor of European Economy-Banks, Regulation, and the Real Sector
Giacomo Calzolari, Professor of Economics, University of Bologna, and Editor of European Economy-Banks, Regulation, and the Real Sector
Alberto Franco Pozzolo, Professor of Economics, University of Molise, and Editor of European Economy-Banks, Regulation, and the Real Sector
Maria Teresa Trentinaglia, Postdoctoral Research Fellow, University of Milan, and Junior Editor of European Economy-Banks, Regulation, and the Real Sector
Tuesday, 27th October 2015 at 10:00
Library of the Senate “Giovanni Spadolini”, Parliamentary Acts Room, Piazza della Minerva 38 – Roma. Access to the room is allowed up to maximum capacity.
Who does take the risk to finance SMEs?
Original title in Italian: Chi si prende il rischio di finanziare le PMI?
10:00 – 10:15: Opening welcome
- Mauro Maria Marino, President of the IV Permanent Commission (Treasury Office). Italian Senate.
- Giuseppe Scognamiglio, Executive Vice President for Group Institutional & Regulatory Affairs, UniCredit
10:15 – 10:35: Keynote lecture
- Giorgio Barba Navaretti, Professor of Economics, University of Milan, and Chief Editor of European Economy-Banks, Regulation, and the Real Sector
10:35 – 11:35: Panel discussion
Chair: Marco Pagano, Professor of Economics, University of Naples, ESRB Advisory Committee, and President of the EIEF
- Gianni Franco Papa, Deputy Director General, UniCredit
- Alberto Giovannini, ESRB Advisory Scientific Committee
- Ivan Lo Bello, President of Unioncamere, and Vice President of Confindustria
- Debora Revoltella, Chief Economist of EIB – Head of Economic Department
11:35 – 12:30: Audience discussion
12:30 – 13:00: Conclusions
- Pier Carlo Padoan, Minister for Economic Affairs and the Treasury
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