San Marino. RF: “Ready to address the issue of CBSM reform in a constructive way”
“Checks and balances is one of the expressions contained in the letter with which Dr. Giacomo Volpinari communicated to the Great and General Council his intention to resign from the Governing Council of the Central Bank. A simple concept that directly expresses the opinion of those who have lived, in CBSM since 2018, a complicated period in which banking, political and judicial affairs have intertwined in a whirlwind vortex”.
Thus begins a statement of future republic.
“The debate following the resignation, on which we hope that Dr. Volpinari may have an afterthought, he was calm and did not show particular differences on some basic concepts between the majority, the opposition and within the opposition itself.
CBSM needs a reform, Repubblica Futura has been thinking and saying it for some time and not only in this legislature. Can an organization conceived in 2005 – when the financial system was growing to almost 16 billion in funding, 12 banks, 80 financial companies, 2 insurance companies – still function? Since then the financial system has shrunk, funding is 5 billion euro, the financials have almost disappeared but CBSM is still the same. Indeed, in the last decade it has always been at the center of controversy, political and banking crises, with strong criticism from the public opinion while the State has faced the difficulties of the sector by making hundreds of millions available.
Repubblica Futura does not intend to make controversy, every political force has its own certainties and someone has built his own political fortune and access to government on a mainstream story – endorsed by the leaders of via del Voltone.
However, it is clear that Volpinari’s resignation, courageous in its content, has turned the spotlight on the situation of the Central Bank, which is known to all.
The reform of this institution, also requested in unsuspecting times by the International Monetary Fund, we believe should be a priority objective in this final part of the legislature. Reform and not self-reform, let’s do this incidentally because in the past whoever asked politics to intervene – RF was among them – was branded as a heretic, dangerous for the system, destabilizing for the “enlightened”, self-referential leadership of CBSM, crowned above of government and politics.
In our opinion, perspectives and the best national resources are needed to build a modern institution that is not only supervision but also support and promotion of the national financial system, an indispensable condition for attracting capital and investment, defending jobs and perhaps creating new ones . To date, however, no Memorandum has even been signed with the Bank of Italy.
The current presidency of CBSM, which will end its mandate next spring, can unfortunately be considered in close continuity with the previous ones and will end without substantial changes in the Italian-San Marino relationship. We are the small and poor neighbor who occasionally dares to pat on the back but not worthy of having an equal relationship, at least as regards the supervisory authorities of the two countries.
RF therefore, as he has already had the opportunity to express in the board debate, expresses his willingness to address the issue of the CBSM reform in a constructive way, starting to lay the first stones in the December board session in which we hope, among other things, that the vacancy in the management of CBSM, wanted for four long years by the current President, finally closes”.