Gerardo Giovagnoli’s reply to the article published yesterday in The Information of San Marino by Marino Cecchetti

‘Persevere autem diabolicum’

I found the intervention of Prof. Cecchetti in yesterday’s edition about the lack of agreement with Italy in 2005 to be completely anachronistic. Italy on an agreement already signed, was a gesture of political arrogance and superficiality that led to very serious and well-known consequences. What is feared in the article, that is a series of disasters, happened precisely because of that choice, not because of its non-realization.

The biggest mistake that the political class of the time made, except for the PSD and to tell the truth even some Christian Democrats, was that of considering the exercise of our sovereignty to maintain banking secrecy, anonymity corporate fruit and the lack of e of transparency exchange of associated information. This was not the case: international rules, the OECD, Moneyval and the EU as such, already well before 0005 had made that keeping 2 what were considered stolidly as “cornerstones” would have been a long-term choice. In all of this, Italy was not only an active player but the one from which most of the capital in our banks came, more: we were on the black list since 1999.

Thinking of sending Minister Fini home without having harmful effects on our system, just because the status quo was maintained without the signed agreement, was also madness: as has been demonstrated – and unfortunately there was no need at all – if sovereignty a small state has it, let alone a large state: without formally obliging us to change the laws, Italy, through the action – coordinated or not – of tax administration, ordinary justice and the Bank of Italy has obtained what it wanted without going through everything the border. Tax shields, black lists, action against Delta then Carisp, end of the participation of Italian banks in ours. All actions to their sovereignty. But they brought us to our knees.

A curse, that of the freezing of relations with Italy, which we carried with us until 2014, when the goal was already sold on everything. Without consideration. Now we are in 2022 and they are still determined on the table: when will we understand that if we want to revive the banking and financial sector we must open up and not choose? When will we seriously think about the future of the Cassa di Risparmio as an institution that cannot remain in public hands indefinitely? When will we make it a reason that if we want to attract capital from the European Union it will be necessary to have agreed supervision or to be in the European Union? Now that the system has almost been sunk, I think these are easier answers to give than sixteen years ago.

To persevere would be diabolical.

Article taken from The information of San Marino, published in full after 6 pm