A year ago on this occasion, I recalled at some length the essential role that the stock market plays in fostering the growth of the economy. I noted the strong boost to efficiency deriving from the integration of European and world exchanges and the drive to consolidate stock exchanges, including on a federal basis.
Just a month has passed since my Concluding Remarks to the annual meeting of the Bank of Italy where I again underscored the growth opportunities that are emerging for exchanges that open to international cooperation and the risks for those that stay on the sidelines.