On 16 September 2013, twenty years after the Consolidated Law on Banking was passed, the Bank of Italy held a legal meeting entitled "From the Consolidated Law on Banking to a banking union: regulation and allocation of responsibilities". The meeting was opened by the Director General, Salvatore Rossi, and was attended by leading experts from academia and the European Central Bank.
The Consolidated Law on Banking was the culmination of a process whereby the Italian banking sector was opened to the market and introduced supervisory activities based on prudential supervision, which is carried out by the Bank of Italy in accordance with the rules it draws up, in accordance with principles and standards established by law.
New prospects are emerging as a result of new European developments and the forthcoming launch of the single supervisory mechanism, currently still under construction. Today's meeting also provided an opportunity for initial reflections on the effects that the banking union project will have on the national legal framework, within which the Consolidated Law on Banking can continue to provide the legal basis for the regulation of lending activities.
The proceedings of the meeting will be published in a legal research paper that will also be made available on the Bank of Italy's website.
