With his death, Italy has lost a great statesman, a firm believer in the founding values of democracy and in a united Europe, which he considered fundamental to guarantee peace, freedom, equality and prosperity. We are left with the principles that inspired his way of working: a sense of duty, respect for others and awareness of one’s own responsibility.
Several venerable financial institutions came to the brink of collapse. Massive deleveraging drove down asset prices setting off a vicious cycle. In such a situation, governments and regulators had to take extraordinary measures in a big way. 7. Not surprisingly, deposit insurance emerged as the most visible part of the financial safety-net in arresting a panic reaction.