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Savings and Welfare / The needs of Italian savers and financial regulation
Do the laws on the protection of savings and complementary national insurance laws passed in December 2005 address the really significant problems for Italian investors? Quoting the relevant data, the editor of XXIII Rapporto Bnl/Centro Einaudi sul risparmio e sui risparmiatori in Italia (23rd BNL/Centro Einaudi Report on savings and savers in Italy) assesses the new legislation. Laws that seek to improve the financial activity supply framework may be useful, but they need to be rounded off by an attempt to increase knowledge of the investment process. What is the point of delegating the choice of pension portfolio structure to the single individual, when he or she is without adequate information or knowledge? The danger would be a huge transfer of risk and choices unsuitable for single individual situations. It is necessary to reinforce the role of financial intermediaries, who should assist the choices of workers with an eye more on the fairness of the resulting allocation of assets than on their remuneration. The choice is a difficult but crucial one in so far as it concerns a public good such as savings.