A significant milestone for CONSOB
In 2024, CONSOB, the Italian Market Supervisory Authority, celebrates its fiftieth anniversary. This important milestone was celebrated in the Aula Magna of the Sapienza University of Rome, where a Grand Consultation was held with the participation of experts and scholars in the field. CONSOB, established in 1974, played a crucial role in the evolution of Italian financial markets, facing significant challenges such as the Sindona crash and the emergence of artificial intelligence
.
A historical analysis and its implications
The history of CONSOB is inextricably linked to the country’s economic and financial evolution. Over the years, the institute has expanded its scope of activities, strengthening its powers and adapting to the economic crises that have followed one another. As Commissioner Chiara Mosca emphasized, “The lessons of the past can guide CONSOB’s action today and in the future.” This approach reflects the need for an effective reform of the Italian financial market, to ensure development and competitiveness
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Collaboration between academy and institutions
The synergy between the academic world and institutions is essential to train competent professionals. Antonella Polimeni, rector of Sapienza, highlighted the importance of addressing issues such as the digitalization of financial services and cybersecurity. These aspects require an integrated approach and continuous regulatory innovation. CONSOB, under the guidance of Paolo Savona, has already started work to improve the allocation of savings for domestic productive purposes, a crucial issue for the future of the Italian economy
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The future challenges of European supervision
Looking to the future, Commissioner Federico Cornelli emphasized the active role of CONSOB in the activities of ESMA, the European Authority for Financial Markets. CONSOB must continue to evolve, adopting appropriate skills and tools to face the challenges imposed by rapid technological developments. According to Carlo Comporti, it is essential that European supervision becomes more incisive, with clear responsibilities entrusted to ESMA according to the principle
of subsidiarity.