The question submitted by the PSD on Central Bank reopens political debate over the future of the institution and, more broadly, of San Marino’s financial sector. Weighing in is Repubblica Futura, which takes its cue from the initiative of the Party of Socialists and Democrats to revisit issues raised in the past, from executive salaries at the institution to the presence of Sammarinese professionals in top roles.
«Repubblica Futura has carefully read the question submitted by the Party of Socialists and Democrats on Central Bank. We’re curious to see whether our PSD colleagues will have better luck than we did», RF begins. The party maintains that its own previous questions on the matter have «always run up against the wall of silence erected by Palazzo Begni in defence of Via del Voltone», adding that «anyone who dares speak about Central Bank in San Marino is subjected to an underground political “ban”».
Among the issues raised is the cap on salaries. «Whenever money is discussed, tempers within the majority flare up, especially when the subject is the salary cap. We’re curious to see whether and how the lid on salary caps will be lifted», Repubblica Futura continues.
The argument then broadens to the evolution of San Marino’s financial system, which is working to align with international standards linked to the euro, participation in the SEPA payments area, and technological innovation. For RF, however, the real issue to address concerns above all the role of Sammarinese professionals. «The real point, in RF’s view, is to understand whether Sammarinese human capital can find proper recognition within the financial sector. Twenty-one years after the establishment of Central Bank, we no longer find it acceptable to treat the financial sector as the exclusive preserve of more or less experienced figures brought in from abroad».
The party is therefore calling for efforts to build a Sammarinese ruling class not only in finance, but also in sectors such as justice and healthcare. «Foreign legal experts have not always helped the Republic resolve its own problems; and the criminal trials involving Central Bank – always present either as a civil party or with former executives in the dock – are tangible proof that this trend leads nowhere good», RF argues.
Hence the questions addressed directly to the government and the majority: «What vision do Marco Gatti, his government and his majority have for Central Bank? What is the government and majority’s plan for the future of the financial sector? Is autonomy synonymous with isolation, or do the words accountability and transparency also feature in the vocabulary of those currently running the Republic?».
Repubblica Futura also raises the issue of career prospects for young Sammarinese specialising in the financial sector, asking whether they will be forced to seek professional opportunities outside the Republic. «This is the central political issue for Repubblica Futura, because one of the aspects of sovereignty – so much celebrated these days – is precisely this: the determination to manage one’s own present and future by relying first and foremost on Sammarinese citizens. Then, if necessary, one can turn – perhaps on a transitional basis – to the best foreign professionals, but with the goal of growing and valuing our own citizens».
RF is now awaiting the responses that will come to the PSD’s initiative, also linking the issue to developments expected in the coming weeks. «What will unfold in the coming weeks regarding the commission of inquiry, international arbitration and the parallel criminal proceedings are not mere details compared with the PSD’s requests and the arguments and demands put forward by Repubblica Futura over these years».
«We have never received any answer, we wish the PSD better luck», Repubblica Futura concludes.
