European Economy

Banks, Regulation, and the Real Sector

Who Takes the Risks for Funding SMEs?

Italian Senate, Piazza della Minerva 38, Roma,

On the 27th October 2015, the Library of the Senate “Giovanni Spadolini” hosted the presentation of the issue 2015.2. 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?

Programme

10:00 – 10:15: Opening:

  • 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: Open Discussion

12:30 – 13:00: Conclusions:

  • Pier Carlo Padoan, Minister for Economic Affairs and the Treasury.