IL “DECRETO CARIGE” E LA “RAGION DI STATO”. CONSIDERAZIONI SUGLI STRUMENTI “NORMATIVI” DI SOLUZIONE PREVENTIVA DELLE CRISI BANCARIE IN ITALIA

The legislative decree n. 1/2019 in support of Carige contains public support instruments for banks whose use has already been authorized by the European Commission and by the ECB in the case of the state guarantee on newly issued bonds (MPS and "Venetian banks") and the precautionary recapitalization (still MPS). On the basis of the first application experiences, it will therefore be attempted to demonstrate how the multiform public intervention methods envisaged by the BRRD (and the related socialization of any losses) do not ensure that the effect of the crises can be sterilized without imposing a series of additional charges charged to the community. While designing an articulated and flexible framework of protection networks for troubled banks, the new regulatory framework appears to be not entirely complete and in part lacking in cautionary rules that can avoid the risk of instability for individual intermediaries, especially at the systemic level.