The Tuscany chapter of the FISBA-CISL national union of banking sector employees, Stefano Biondi, called for a “return to a separation between investment and ordinary banks”. Biondi issued his call during a public meeting in Florence, at the presence of representatives from the government and financial regulators Oct. 4.
“Banks are often today shops where financial products are sold, whose content is often unknown to the very operator who sells them. It is like purchasing a food product which we do not know whether it contains toxic substances. We should return to a separation between investment and ordinary banks, the latter being the bank helping the citizen and the economy to find their way and grow, which offers its professionality for the common good, for development. I do not want to say that banks must earn no profits, but exasperation which aims at making money through money produces damages.”
“We cannot wait for an unprobable great reform of international markets. There are concrete and effective recipes which can be implemented immediately. But we must find a shared will among institutions, savers and firms, workers unions.”
The Tuscany region and its capital Florence, has been saturated with the LaRouche campaign for Glass-Steagall, carried out by Movisol with Taxi Union leader Claudio Giudici, Nobigbanks (Nicola Oliva), CLN (Lorella Presotto). This year, the Tuscany regional council voted a Glass-Steagall resolution and Tuscany-based MEP Claudio Morganti has brought the Glass-Steagall campaign in the European Parliament.