Maurizio Monteverdi, Morning Capital’s CEO, is one of the first 150 signers of an appeal to Prime Minister Conte from managers, entrepreneurs, economists, bankers and association representatives.
In Monteverdi’s words: “We are in the midst of a liquidity crunch affecting businesses, similar in its dynamic, but much more lethal than the liquidity crunches in the banking system seen typically at the turn of the 19th and 20th centuries. Cerved forecasts of 10% of companies going bankrupt because of the current health emergency risk being too optimistic. Fortunately, to face the banking liquidity crises typical of the 1800s, the concept of “lender of last resort” was invented. That is, an entity—the central banks—which could provide unlimited liquidity to banks to deal with financial panics and bank runs. We ask the Italian government to promote a far-sighted initiative as rapidly as possible.”
