Opening Wednesday, September 12, at 12,30 am at Piazza Affari, Milan
Milan, September 10, 2018 – Lehman Brothers’ default, on September 15th 2008, represented the symbolic start of the global financial crisis that ten years ago has jeopardized economy and society, which effects are still ongoing.
What have we learned since then as citizens and savers, as community and institutions? What do we really know today about investments, economy and finance?
From September 12th to Sept. 14th Banca Etica Group proposes an installation in Piazza Affari, the location of the Milan Stock Market: around the statue of Cattelan representing the middle finger, we will place a big game billboard retracing these ten years and invite people to get informed, act and become aware of the positive growth of ethical finance. Participants may challenge their friends: the winner is the first arriving to the last space!
Borsopoly’s opening is Wednedsday, September 12 at 12,30 a.m.. The game goes on also Thursday 13 and Friday 14 from 10,30 a.m. To 7,30 p.m. In Piazza Affari.
The game can be downloaded also from the website www.bancaetica.it and it will be followed by a certain number of articles and insights edited by Valori.it.
- Financial crises always have impact on people’s life throughout the credit crunch, loss of jobs, arising taxes or welfare cuts that follow inevitably outlays of public money to save banks.
- Between September 2008 and March 2018 in Italy credit to companies has decreased by 22% in real terms. In the same period credits granted by Banca Etica have instead increased by an average annual rate of 18% (CAGR).
- Almost none of the responsible of the crisis has been convicted, while banks have been saved with enormous amount of public money.
- Many of the financial mechanism which have caused the crisis (such as derivatives) have been only marginally affected by the new regulations, that paradoxically seem to aim at making it more and more difficult for ethical and cooperative finance to give credit to the real economy
- More than 11.000 billion dollars have been spent by central banks of USA, Japan and Europe to pump cash money in the markets: enormous amount of money that unfortunately only in a very small percentage reached the real economy, while the rest fed the speculative finance circuits.
- Campaigns for financial literacy are arising, but they seem inspired more by an attempt to put the blame of the disasters on the consumers, than by a real intent to increase awareness and a complete disclosure on the financial activity. Meanwhile – as a recent report of Consob states – 50% of the Italians don’t have an idea about the basis of finance.
“Among the targets of Banca Etica, critical financial literacy is one of the most important – says the president, Ugo Biggeri – The game is an effective tool to engage people in issues that may seem very complex. Since before the crisis Banca Etica is calling for new regulations on derivatives, tax heaves and tobin tax. During these years, we have intensified cooperation with the European civil society networks that are calling for a courageous political initiative as a response to the crisis. Today, together with these networks, we are launching the campaign Change Finance (http://changefinance.org), taking actions and organizing initiatives all over Europe on the occasion of the anniversary of the Lehman Brothers’ bankrupt. If there is any hope since ten years ago – quotes Biggeri – it lies on the movements of the people asking for a financial system at the service of the economy and the people, and not the other way around”.
The event’s hashtag on the social is #borsopoly.