(Adnkronos) – The Milan Stock-Exchange “must continue to support the Italian and Milanese economy,” foreign minister Antonio Tajani said Friday amid fears of a divestment by its owner Euronext’s new strategic plan that would favour the ParisBourse and other financial centres.
“The Italian stock exchange is one of the pillars of our economic system and one of the oldest stock exchanges in the world, with origins dating back to 1808,” Tajani told leading financial daily Il Sole 24 Ore.
“It is not just a place where financial exchanges take place, but is a key driver of country’s economic development. It functions as a bridge between companies looking for capital to grow and investors who want to put their savings to work.”
The Euronext group also owns the stock exchanges of France, Belgium, Portugal, Holland, Norway and Ireland and Italy’s state lender CDP is a major shareholder, Tajani noted.
“We must make sure that Milan remains central in the years to come…we suggest making Milan the European hub for the listing of SMEs,” he said.
“In the absence of unified European civil and financial trading codes, Euronext must remain a group of federated stock exchanges,” he added.
Tajani urged “the centrality and functionality of the Milan Stock Exchange be confirmed and for its autonomy in stock and bond listing to be maintained, with proper supervision.”
The recent return of bonds to Italy from Luxembourg, prompted by the increased efficiency of (watchdog) Consob and Borsa Italiana, “is an excellent sign”, said Tajani.
“We can make Milan a great European financial centre that focuses on attracting and listing SMEs and not reduce them to a secondary appendix,” Tajani underlined.
“We are the European Union’s third largest economy and the second largest manufacturer. These strengths must be backed up by a financial system that has its head (and heart) in Italy.”
CDP will take part in the next round of appointments for Euronext’s top management to make sure Milan’s financial centre “is expanded from a European perspective,” Tajani concluded.
