Italian Trade Union Confederation Calls for Banking Separation
July 16, 2013 • 10:23AM

What used to be the largest Italian trade union, CGIL (and still is, in terms of mobilizing capacities), published a "Manifesto of Good Finance" on July 3, where the issue of banking separation is pushed, albeit together with an EU banking union. The Manifesto was presented by CGIL Secretary General Susanna Camusso.

Accordingly, the Secretary General of CGIL in Siena, Claudio Guggiari, then called for separating Monti deo Paschi di Siena (MPS) into commercial and investment banks on July 12. "We are deeply convinced that we need stronger rules on structured finance and derivatives, on reforming oversight authorities and bank governance, and on separating commercial banks from investment banks," he said. But Guggiari also called for "a stronger ECB role on monetary policy and bank oversight." His statements were reported in the Siena local press.