Equita and Baffi Centre present a research on European financial ecosystems

At a time when Europe is committed to strengthening the Capital Markets Union (CMU) and developing the Savings and Investments Union (SIU), individual states are now called upon to rethink their industrial policies and reflect on the role of financial ecosystems in generating the common good, a concept that is now more central than ever.

This topic was the focus of the conference “Gli eco-sistemi finanziari e lo sviluppo del bene comune”, held at Bocconi University on 19th June 2025. The event was organised by Equita and Bocconi University as part of their partnership to support capital markets. The conference, now in its twelfth edition, saw the presentation of the research project “European Financial Ecosystems: Comparing France, Sweden, UK and Italy”.

The presentation of the research results was preceded by introductory remarks by Francesco Billari, Rector of Bocconi University, and Andrea Vismara, ceo of Equita.

The study, carried out by the Baffi Centre and presented at the SDA Bocconi Auditorium Grande, compares four ecosystems: the French dirigiste model, the Swedish social democratic model, the British liberal model and the Italian bank-centric model. The aim is to illustrate how each of these countries integrates the essential elements of an efficient system, namely legislation and regulation, taxation, investors and financial intermediaries.

The conference was therefore an opportunity to discuss the results of the research with Stefano Caselli, Dean of SDA Bocconi School of Management and Algebris Chair of Long Term Investment and Absolute Return, and Marta Zava, Academic Fellow at Bocconi University, who confirmed that, with equal European regulations, there are ways to achieve positive development in our market.

After the presentation of the research, Barbara Lunghi, Head of Primary Markets Euronext, moderated a round table entitled “What's next for financial markets in Europe? A dialogue among key actors”, which was attended by Mathieu Caron, Head of Primary Markets Euronext, Adam Kostyàl, President of Nasdaq Stockholm, Ugo Orsini, Capital Markets Partner at Linklaters, and Fabrizio Testa, ceo of Borsa Italiana. Next, Marco Ventoruzzo, Full Professor of Commercial Law at Bocconi University, led a debate on incentive tools and models for transactions on the Italian market, with the participation of Hon. Federico Freni, Undersecretary of State for Economy and Finance, and Carmine Di Noia, Director of Financial and Enterprise Affairs at the OECD.

The event concluded with institutional greetings from Sara Biglieri, President of Equita, and Andrea Sironi, President of Bocconi University.