Catanzaro

28-29 February 2024

What is money? And what is the purpose of finance? On February 28, at the Politeama Theatre in Catanzaro, three experts explained this to an audience of local people and institutions during the first stage of 'On the Road' 2024. The theme was 'The Adventure of Money', the millennia-long history of a fundamental invention and its companion, finance. This history is a guide for those working in the economy: 'It's difficult to be economists, even more so decision-makers and central bankers, if you only know economic and financial theory', said Giovanni Iuzzolino, from Banca d'Italia's Money Museum project.

So what is money? Whether it's a shell or a banknote, 'it’s what it does: an intermediary for exchanges, a unit of account, and a store of value', explained Vittorio Daniele, Professor of Economic Policy at the University of 'Magna Graecia' in Catanzaro. Finance, on the other hand, supports the real economy, meaning people and businesses, through credit; 'There's nothing more beautiful than a business idea coming true, and this is possible with finance', said Annarita Trotta, who teaches Financial Intermediaries at 'Magna Grecia'.

Iuzzolino reminded the audience that finance entered the lives of Italians in the 1960s, when promissory notes for loans helped millions of families buy washing machines, for example, and thus improve their well-being. What finance should not do, Trotta added, is to exist for its own sake, that is, 'to produce wealth for a few and have no connection to the real economy'. This happened in 2008 with the subprime mortgage crisis, but today the financial system works, 'thanks to regulation and supervision mechanisms'.

Finance and business were also discussed the following day at the Chamber of Commerce of Catanzaro, Crotone and Vibo Valentia. Banca d'Italia presented 'Small Businesses, Big Choices', its financial education project for small entrepreneurs, which teaches them how to manage company funds better, build more profitable relationships with banks, and overcome moments of difficulty.

On the same day, the people of Catanzaro were able to take part in guided tours at the local Banca d'Italia branch, learning about what the institution does and the services it offers. They also had access to three financial education workshops organized by the branch, covering topics like how to avoid scams, the protection bank customers have, what inflation is, and how institutions control it.