Visco exposes the strengths and weaknesses of Europe in the face of the banking crises

In recent days it has been said and repeated – the Minister of the Treasury, Giancarlo Giorgetti has also done so – that Italian and European banks are protected from the risk of contagion thanks to more stringent supervisory rules than in countries such as Switzerland and the United States. True, but what has not been said is that Europe lacks a tool to deal with banking crises quickly and directly as the Federal Deposit Insurance Corporation (Fdic) – an agency independent of both the government and the Federal Reserve – has done with the Silicon Valley Bank (Svb), thanks also to the help of the Treasury.