Stock market and savings
According to Savona «the size of trading on regulated markets still remains modest, with the sole exception of those on government bonds, which account for almost three-quarters of the total. Since our overall savings remain abundant and, as evidenced by the positive balance of our foreign economic balance, a part remains unused internally, it becomes urgent to urge their use in capital securities representing real investments, which history teaches us to be a way effective protection of savings in the longer term compared to purely financial investments”.
According to Savona «the channeling of savings towards the financing of productive activities also carries out the function of protecting the savings invested in plans that satisfy the life cycle needs of individuals and families, with a potential alleviation of welfare pressures, which weigh on budgets public”.
Savings and artificial intelligence
«To guarantee rational management of savings – states Savona – it is desirable that we move from investment choices based on traditional techniques or predominantly subjective evaluations to choices based on modern artificial intelligence techniques and on information collection and processing tools, to promote a greater net return on savings, encouraging the desired channeling towards productive initiatives”.
Sanctioning activity
In his speech Savona places emphasis on the investigative and sanctioning activity carried out by the Commission: «Consob intervenes on numerous aspects of the functioning of the financial market, both from the regulatory and operational sides, with an acceleration in the last two years; the numerous initiatives launched culminated in Law no. 21 of 5 March 2024, which also delegated the Government to review the Consolidated Finance Act, an activity to which Consob is offering its most attentive proactive commitment”.
The geopolitical framework (and the impact on Italy)
The president of Consob then introduces the activities of the Commission in the broadest spectrum of the current geopolitical situation: «The overall geopolitical framework within which Consob must operate is characterized by the tendency to move more weapons and fewer goods, reversing the direction favorable to the globalization of trade and peaceful coexistence. In the past, the emergence of these conditions had brought significant advantages to the material and social well-being of all the populations of the planet. Italy it is directly exposed to the deflationary effects of this trend due to its development model based on exports, which calls for a shift in aggregate demand towards investments and internal consumption”.
