If the PD shares Meloni’s view on MPS

On the eve of the meeting (scheduled for Thursday 20 August) between Minister Giancarlo Giorgetti and the heads of the Tuscan institutions (the Region, the City Council and the Province of Siena) to discuss the future of MPS, the PD’s economic spokesperson, Antonio Misiani, expressed his agreement with the Prime Minister, Giorgia Meloni, that the bank should not be broken up. Indeed, Misiani went further, stating that it is essential at this stage for the state to remain a shareholder in Monte dei Paschi “and to take action to put into practice the guarantees that Meloni herself has called for”.

The convergence between the PD and Palazzo Chigi appears to be complete, particularly in light of Misiani’s comments on the banking sector in general: “We are not prejudicially opposed to operations aimed at consolidating the banking system, provided they are based on sound business logic and maintain an acceptable level of competition, whilst safeguarding access to credit for households and businesses.” This is precisely the position of the Lega and Giorgetti. Now, however, all this harmony between the government and the opposition must come to terms with the fact that Italy’s largest bank, Intesa Sanpaolo, has launched a public exchange offer for Montepaschi, which involves sharing branches with BPER and removing the word ‘Siena’ from the brand.

Essentially, a break-up of assets. The ground has become so slippery that one of Fdi’s leading figures, Marco Osnato, chair of the Chamber of Deputies’ Finance Committee, has made it clear that the decision will be left to the market. And rightly so, given that Intesa’s offer is aimed at Mps shareholders (including the Ministry of Economy and Finance, which holds a residual but by no means insignificant stake of 4.8 per cent). Far from being ‘out of the banking debate’, as claimed, the Meloni government remains fully embroiled in it; and the left, having long criticised it for its interventionism, is now following suit so as not to lose its ‘grip’ on the turbulent Siena region, thereby demonstrating that it has no coherent view on the boundary between the state and the market.