In this transitional phase, in which new tools cannot yet be used and the traditional mechanisms for intervention are being obstructed or made inoperable by European rules, resolving bank crises caused by recession or malfeasance has been made more difficult.
We hope for the rapid passage of the enabling law now before Parliament in order for the Government to issue the necessary decrees to adapt Italy’s legislative framework to this new phase of Banking Union. * * * Economic regulation cannot ignore market mechanisms. Experience teaches that top-down directives are unlikely to hit upon the best paths of growth.