Intuitively, it seems obvious that segmented markets – with higher transaction costs and reduced possibilities for risk-sharing and optimal resource allocation – are not efficient and hence are hindering growth. Financial integration could thus be conducive to growth.
But, in thanking you for this prestigious award, made even more distinguished by those who received this prize before me, if I may recall some features of Cavour’s actions, there are obvious similarities between what happened all that time ago and the circumstances that have continued to repeat themselves throughout Italy’s history, right up to today.