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Marco Asensio Jersey , Oct. 31 (Xinhua) -- Italian banks have taken
a beating in recent days in the wake of the announcement of the results of the
ECB stress tests, although only two institutions, Monte dei Paschi di Siena and
Carige (Genoa Savings Bank), have serious problems in the short-term.

However, a growing number of Italian politicians consider the stress tests
and new capital requirements not only insufficient but also misguided; they are
calling for wholesale reform of the financial system Cheap Marcelo
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and investment banks.

Among European countries, Italy topped the list with nine banks failing to
pass the stress tests, although most of the institutions have already taken
measures sufficient to remedy the shortfalls. No problems were noted regarding
the country's largest banks.

Before the test results were announced, many in Italy claimed the market was
well aware of the problems at Monte and Carige, yet the country's financial
system has nevertheless come under significant pressure Cheap
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trust in the nation among financial operators and institutions abroad. Italy's
economy is in its third consecutive year of recession, after enacting heavy
austerity and structural reforms beginning in 2011 at the height of the
sovereign debt crisis in Europe.

The general view among politicians and economists in Italy is that the
Italian banking system is solid, yet there are many who believe the measures and
regulations enacted by the ECB and other European Union (EU) institutions are
not the proper medicine for an economy which has repeatedly found itself at the
mercy of perceptions among international financial operators.

Numerous bills have been introduced in Parliament calling for a return to the
separation between commercial banks and investment banks. The campaign seeks to
go beyond the rules to ensure financial institutions have enough capital to
weather a future crisis, and impose a clear division between different types of
banking activities: banks which accept deposits and lend money to families and
businesses would be heavily regulated and have their deposits protected by the
state; those that operate on the financial markets, for example issuing and
trading in financial derivatives Cheap
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when bets go wrong, without the hope of a bail-out from the taxpayers.

Giulio Tremonti, Italy's Finance Minister during the hottest phase of the
global financial crisis starting in 2008, told Xinhua: "You can perform
maintenance on the system Cheap
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with two key issues: Glass-Steagall to separate ordinary banks from speculative
banks, and the emission of eurobonds for investment in infrastructure and growth
throughout Europe." Both of these responses, he stressed, are
political Cheap
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Tremonti was among the first to introduce a bill calling for a return to the
separation between different types of banks, citing the celebrated
Glass-Steagall Act in effect in the United States until 1999. It is that system,
originally signed into law by President Franklin D. Roosevelt in 1933, that has
become a rallying point around Europe and in the United States for political
figures and social groups who believe the response to the global financial
crisis has been decidedly inadequate.

They point to the trillions of dollars and euros provided by governments and
central banks to prop up financial institutions and markets, in contrast with
the heavy austerity demanded of the general population. If a
Glass-Steagall-style system had been in place Cheap
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save speculation; rather, it would have been possible to sustain economic
activity and prevent the crash from bringing families and productive businesses
down with it.

There are currently nine bills calling for banking separation pending in the
two houses of the Italian Parliament, the Chamber of Deputies and the Senate.
Every major political party has introduced one. Despite significant overlap
among some of the texts, raising expectations for cooperation among different
factions Cheap
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clearly not ready to move forward with the proposal, given the apparent lack of
support in the executive and at the EU level.

As the EU institutions prepare to implement plans for a banking union under
the centralized supervision of the ECB, they have shown little interest in
discussing the growing calls for revising the structure of the "universal bank"
in effect in Europe since reforms were passed in the 1990s, eliminating the
various forms of separation and specialization existing until that time.

The issue of breaking up the largest banks based on function was taken up by
the "High-level Expert Group" led by Finnish Central Bank head Erkki Liikanen,
leading to a report proposing a softer reform known as ring-fencing Cheap
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but kept under the same holding company. As in the United States, there would
also be a large number of exceptions in order to accommodate the complex
structure of financial markets today, thus failing to make a fundamental change
in the mechanisms that currently dominate global finance.

However, the Chairman of the Finance Committees in both houses of the Italian
Parliament declined to respond to a request from Xinhua for comment on the
issue.

For activist groups that have been promoting fundamental reforms to the
global financial system for years, this official position against the change
represents an accommodation towards the large banks that reap considerable
profits and influence from the configuration of global markets today. Liliana
Gorini Cheap
James Rodriguez Jersey , chairwoman of Movisol, an association that
is working with both parliamentarians and local legislators to increase pressure
for a Glass-Steagall-style reform, claims the refusal by . Cheap Authentic
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