Do the younger generations redefine success?
For the youths of today, the concept of success has a very different meaning compared to that of previous generations. While for baby boomers it is linked to economic success, for the younger generations it is instead a concept increasingly tied to a person’s wellbeing and equilibrium. It is a radical change, one which must be taken into account.
Nowadays, a leader must know how to communicate with more generations, with young people who are more sensitive to the big social and environmental issues of today, and their not-so-young counterparts, who bring a wealth of experience, know-how and skill to managing particularly complex situations. Finding a balance between the different demands and sensitivities becomes a determining factor, not only for fostering a fruitful collaboration in achieving short- and medium-term business goals, but also for planning a gradual and smooth leadership transition.
Taking Italy as an example, the average age of CEOs in the financial sector is 60 years old, five years higher than the European average. This discrepancy has tangible consequences on the national, and subsequently, international, economy. According to the Bain & Company report with Key2people, this discrepancy entails a cost which, for Italy, is around 1/2% of the GDP.
Youthful leadership, as well as bringing fresh ideas and innovation, has a quantifiable value between 20 and 40 billion euros. This estimate clearly shows that investing in the younger generations and providing them with the necessary opportunities and resources to reach their full potential has a tangible impact. More experienced leadership can contaminate young people, since their time as students they are taught by example; they are shown concrete evidence of what it means to succeed in business, but also fundamental values for ethical and responsible leadership are transferred.
However, despite the economic and social importance of youthful and dynamic leadership, an interesting thought arises: what if young people are giving up on becoming leaders? This scenario raises a series of questions on young people’s aspirations and prospects in the world of work. Understanding why it might be preferable to be a follower instead of a leader in a less “success-centric” culture might offer new insights and contribute towards redefining the traditional concepts of leadership and success. In my opinion, and from my constant contact with young people, it is a symptom of a deep cultural change that we are experiencing.
Youths are surrounded by an environment characterized by the speed of change and the complexity of global challenges. Their expectations and priorities differ significantly from those of previous generations. They seek out debate, comparison and have a much more integrated and multidimensional view of work and life. This new perspective requires a more flexible and inclusive approach from organizations and more senior leaders. The next generation must be encouraged to learn, question and test themselves as soon as possible, so that they may pick up the leadership baton with confidence and awareness.
Investing in the younger generations within finance is not only a matter of continuity and sustainability, but also of fostering a more inclusive culture in this sector that is geared toward the future. The transition toward new approaches can and should be fast, as fast as the trends that go hand in hand with society today: the aging population and rapid technological evolution, for example. Trends that require agile and innovative leadership, able to adapt to changes and welcome new opportunities that arise.
Andrea Mennillo
Founder and Managing Director, International Development Advisory
Chairman Fordham University London Centre Advisory Board
Chairman Riviera Airport
Leading meetings effectively: the secrets of authentic leadership
When you have gained significant experience in a given professional field, it is common to take many skills for granted, forgetting the long journey you took to learn them. That is, until you have the opportunity to engage with the perspectives of young college students whose questions prompt you to reexamine certain aspects of your work in depth.
How do you best manage meetings in which different figures with different ideas interact? I get asked more and more by young people. The answer is not simple, but it is condensed into one word: authenticity. Being an authentic leader nowadays is a real skill.
Contrary to popular belief, leadership is not limited to influence over others or mere technical expertise. On the contrary, it is the ability to inspire others through shared principles. When conducting a moment of discussion, manifesting this type of adherence to project values generates a synergistic effect of participation, which transforms teamwork into a powerful driving force, leading to extraordinary results that go beyond the mere sum of the parts.
However, teamwork does not imply homogenization, but rather enhances the differences and peculiarities of each individual. Authentic leaders are those who foster an environment in which every voice is heard and valued, thus contributing to a culture of constructive discussion.
There are numerous concrete examples of "accessible" leadership, in which the leader is not a distant, authoritarian figure, but rather a close reference, capable of creating open and welcoming discussion, sharing their own point of view and listening to that of others as well. Based on my own experience and vision, these are the characteristics of a leader: one who does not impose their own idea but instead advocates for a collaborative and inclusive approach.
It is an art that goes beyond mere command or control. It is the ability to conduct discussion by inspiring trust, transparency and integrity, creating an environment in which each person feels valued and motivated to give their all.
Responding to you young students, I close with a message that I hope you will take with you: “lead by example”. The value of a leader is measured not only by financial results, but also by how these are achieved, between authenticity and consistency.
Andrea Mennillo
Founder and Managing Director, International Development Advisory
Chairman Fordham University London Centre Advisory Board
Chairman Riviera Airport
Flying towards a sustainable future: the transformation of air transport
A Virgin Atlantic Boeing 787 powered exclusively by environmentally friendly fuel completed a long-haul commercial flight for the first time in history. On 28 November 2023, the flight departed from London and arrived in New York using sustainable fuel (SAF - Sustainable Aviation Fuel), consisting mainly of waste food oil and animal fat.
This news may not be comparable to the first flight of the Wright brothers' flyer, but it is still a significant breakthrough in aviation and its transition towards sustainability. The environmental impact of the aviation sector is a much-debated topic, so it is natural to wonder how much pollution the aviation sector really causes. In reality, only one third of the sector's total emissions can be attributed to fuel, an area that, moreover, has improved tremendously in recent years thanks to cutting-edge engines and solutions that have considerably reduced consumption. For example, in thirty years, i.e. from 1990 to 2020, the adoption of increasingly efficient engines was estimated to have reduced fuel emissions by 43%, according to a study by the German Air Transport Association (BDL)[1]. At the same time, however, demand for air transport has grown tremendously and the number of flights has practically tripled, with the prospect of further growth in the coming years.
Keep in mind that nowadays we are talking more and more about sustainability going well beyond "just" CO2 consumption, and including all the actual substances released into the air. For this reason, achieving the target of reducing CO2 emissions by 2050 will inevitably have to include action on airport facilities, which are responsible for the remaining two-thirds of the sector's emissions.
Therefore, in order to comply with the new emission standards, airports will have to invest more and more into modernization, clean energy (especially photovoltaic panels), internal electric mobility solutions and focus on choices that take advantage of the circular economy. With this in mind, in the pursuit of a sustainable future, I see smaller airports having an advantage over large hubs.
The "smaller" airports, in fact, can adapt with considerably reduced costs and time compared to the large hubs, which require much more demanding structural work. This is an important advantage, also in light of the non-inclusion of air mobility in the PNRR, a choice that means that there is a lack of financial support for the efficiency and renovation interventions of Italian airport structures, regardless of their size.
The PNRR is probably a missed opportunity, but the urgency of the adjustments does not change. Even the recent COP28, which took place in Dubai between November and December 2023, focused on these issues, reaching an agreement on the decarbonization of air transport. The question of how to finance the measures remains open. A lack of public capital inevitably means that only private capital can be counted on, which makes the process somewhat more complicated.
In fact, the leverage to attract potential investors is almost exclusively that of the direct economic return of their investment, excluding parameters of public utility or the implementation of regional and national development policies, which are instead considered in public investments, just like direct returns. However, where the potential for growth is appealing, private investors could be a very positive solution. We have small and medium-sized hubs that had growth rates of more than 100% in 2022 compared to pre-pandemic levels.
These could make an important contribution to the growth and sustainable development of regions that are still on the fringes of major transport routes today. Regions that nevertheless have significant tourism potential and, above all, are home to a good portion of the small and medium-sized enterprises present along our peninsula which, let’s not forget, represent more than 99% of Italian companies and account for 77% of national added value. [https://www.istat.it/storage/rapporti-tematici/imprese2021/Rapportoimprese2021.pdf]
[1] source: https://www.bdl.aero/de/publikation/klimaschutzreport/
Andrea Mennillo
Founder and Managing Director, International Development Advisory
Chairman Fordham University London Centre Advisory Board
Chairman Riviera Airport
The record growth of Italy's local airports: the rediscovery of a strategic asset for the country?
The Italian airport system does not just consist of Malpensa and Fiumicino. In addition to the big hubs, there are many small airports that, despite their size, represent a valuable resource for Italy with potential yet to be expressed.
Let's look at some figures. Passengers at virtually all medium and small airports (i.e., under 15 million annual passengers) grew significantly in 2022. A really interesting trend, according to Assaeroporti's analysis, which sees precisely the smaller airports growing most robustly.
Consider that Linate and Bari, classified as airports between 5 and 15 million annual passengers, have seen growth of more than 11%; while airports under 5 million annual passengers have seen growth of up to 13%. But it is the "micro" airports that are the real surprise, with even triple-digit growth rates: Bolzano, Foggia and Trapani exceeded 100% growth over pre-pandemic figures.
The reasons? They are ports of call that are located in mountainous or seaside areas, which are particularly attractive from a tourism point of view. A strength that makes them an additional ally in promoting the development of areas of the country still underserved by ground transportation today. Local airports can, in fact, be the engine of change involving smaller entities with significant room for growth. This observation can open up interesting avenues for considering direct investments in improving this type of infrastructure.
However, the opportunity is not only reflected in terms of potential, it is also a priority in terms of local and national development. In this sense, as with any other type of investment, time is a variable that needs to be carefully evaluated, because major infrastructure interventions require non-negligible technical time. Consider, for example, the lead time for a project such as Masterplan 2035 (the Malpensa expansion plan) and the enormous impact, not only economically but also socially, that comes with a target of more than 10 years away, 2035 to be exact.
On the other hand, the 62 "micro" airports scattered across the Italian territory have the great advantage of already being operational and, therefore, would require only limited technical adjustments of the existing one, which is easily achievable. This would bring development opportunities, and therefore wealth, to local communities, without excessive impacts on the territory. I am referring to interventions such as the adaptation of runways, the integration of the most advanced technological tools, and the enlargement of hangars or reception areas. This is certainly a less costly choice, in terms of money and time, which, indeed, could encourage the emergence of airlines dedicated to local - more capillary - connections to destinations not covered by traditional commercial airlines.
What may come as a surprise, and perhaps not widely known, is that travel by local aviation is not necessarily a service geared only to high-end customers, but can also be an affordable alternative for “consumer” customers who need to travel to areas that are currently underserved by public ground transportation, but are attractive for their tourist, artistic, and cultural offerings or, again, for business opportunities.
In conclusion, making the transportation network we already have more efficient is a low cost, low time, low effort solution. And also low risk, if well designed.
Finanza, Andrea Mennillo: «Per i giovani non solo competenze tecniche, ma anche empatia e gestione dello stress»
Italian version only
Questo articolo è stato pubblicato da UpDay
Finanza, Andrea Mennillo: «Per i giovani non solo competenze tecniche, ma anche empatia e gestione dello stress»
Non più solo formazione tecnica per i giovani che vogliono una carriera nel settore finanziario. “Servono nuove competenze: di comunicazione inclusiva, di leadership empatica e di gestione dello stress”. Idee molto chiare per Andrea Mennillo, banchiere di investimento di prospettiva internazionale, per anni ai vertici di importanti istituzioni bancarie e finanziarie.
"Il contesto oggi è durissimo, più che in passato. La tecnologia allarga le possibilità, ma allo stesso tempo rende la competizione globale sempre più serrata. Oggi un giovane deve sapere che la propria crescita professionale va rafforzata ogni giorno, interrogandosi su quali saranno le competenze del futuro”, afferma Andrea Mennillo.
Quali competenze devono sviluppare i giovani
"La rapidità dei cambiamenti genera stress e ansia e impatta sulle decisioni, perché pregiudica la capacità di valutazione e la propensione ad agire consapevolmente e responsabilmente", spiega Mennillo che, da diversi anni ormai, si dedica alla crescita degli studenti di economia dell’Università americana di Fordham, in qualità di Chairman di Fordham University in London.
"Un leader deve saper promuovere e mantenere buoni rapporti all’interno del team e nelle relazioni all’esterno se vuole raggiungere obiettivi importanti. Questo perché relazioni positive riducono, anche di molto, gli effetti negativi dello stress che, nel tempo, possono causare un vero e proprio logoramento", continua il banchiere." È già ampiamente dimostrato come le abilità comunicative e relazionali abbiano ricadute importanti sul lavoro, perché la qualità delle relazioni è un fattore strategico, soprattutto per chi opera a livello internazionale”.
Ma a che punto siamo oggi? “Su questi aspetti ci si sta muovendo ancora troppo poco, soprattutto in ambito finanziario”, fa notare Mennillo, che per il futuro vede “percorsi ad hoc che dovrebbero essere introdotti nei piani formativi universitari. Tuttavia, le iniziative di qualità sul mercato sono ancora sporadiche. Da segnalare come ottimo compromesso fra utilità e impegno richiesto è il percorso di Proximity Supporting, proposto da una realtà di nicchia molto innovativa, Kindacom Scrittura Strategica. È interessante perché abbina l’aspetto manageriale a quello psicologico e neuroscientifico, adattandoli alla persona e al contesto in cui opera”, conclude Mennillo.
Leadership in an Evolving World
English version only
Opening Speech
15th November 2023 - Fordham University, London
Good evening. I extend to all of you a warm welcome to this important meeting organised by the Fordham London Community.
I am honoured to be the one to open this occasion for discussion, reflection, and shared knowledge. And I am also happy to add my contribution once more to the growth of the new generation of business leaders, via exchanges on highly topical issues, both in professional life and in the environment in which we live.
As we are in this modern and welcoming space, I think about the fact that we are out of harm’s way in this part of the world. No less than a year ago we were wondering about developments in the war in Ukraine, just a short way away from Europe. Today, new pain and uncertainties are caused by the shocks of the conflict in Israel and Palestine.
Every war is a threat, obviously not only to international security but in general also to development, because we live in an interconnected world.
RELATIONSHIPS BETWEEN COUNTRIES AND LEADERSHIP
Sometimes I need to ask myself how it is still possible that international misunderstandings and tensions transform themselves into armed conflicts – especially because of our awareness of how much has been lived through in the past century and in the light of the huge effort that States put into maintaining diplomatic relations aimed at keeping the peace and fostering prosperity.
Let us remember that the purpose of diplomacy is to court neighbourliness and construct positive relationships between countries, but also, today, to conquer the hearts and minds of citizens. This is the precondition for advancing fruitful commercial relations which bring about reciprocal benefits and wellbeing.
In my opinion every armed conflict affects proper contemplation of the profound meaning of relationship and, thus, leadership. Yes, because leadership is a relationship and good relations build trust, which is earned over time when a leader acts with honesty, integrity, and consistency.
We all know that relationships are complex as between individuals as between States. For this reason, relationships require skill, energy, and sensitivity. And care, lots of care.
Moreover, we know that leadership takes on differing meanings in accordance with the era. Different schools of thought in the past had fixed reference points dictated mostly by force and authority.
For example the RealPolitik of the late 1800’s, where States were influenced by each one’s power and war was a tool for a political objective (which was epitomised by the ancient saying “Ubi maior, minor cessat” – “the weak capitulate before the strong”).
It is clear that such a model is now far from the present concept of relations built rather on collaboration.
LEADERSHIP TODAY ACCORDING TO ST.IGNATIUS’ TEACHINGS
Let us look at this in greater detail.
A leader has to take account of an infinite number of variables. Thus, amongst the essential qualities of today’s decision-makers, in politics and in business, there must be the capacity to assess objective elements and keep one’s nerve even in situations of extreme tension.
In other words, being clear-headed and capable of good judgment, or to choose with perception and to act with effectiveness and responsibility.
The thrust of St Ignatius’ teachings is that he who seeks to become leader must be ready to fortify his mind, temper his character and overcome uncertainties and fears.
But today, a leader must also know how to involve his team and the community implicated. That means encouraging cooperation towards a common goal and promoting a sense of unity.
Thus, it is no longer a question of making a decision but also communicating and sharing.
The quality of relationships actually leads to protection in times of uncertainty and stimulates collective efforts to overcome the problem.
CONCLUSION
Perceptiveness, devotion, and vision are the principal characteristics we see in today’s leadership.
I add to these sentiments another two: ethics and the future.
Ethics. A factor which cannot be ignored because values play a determining role in relationships. In a world exemplified by complexity and interconnectivity, ethics becomes the glue which can hold persons, communities, and States together. In the financial world, ethics assumes a significance associated with justice, solidarity, truth, and inclusivity. Values ensure progress that truly respects human dignity.
The Future. And here I would like to give a thought to the youth. It is to them that this university wishes to pass on the skills and principles which, we hope, will be applied during the course of their professional and personal lives.
You will be the new business leaders and must shoulder the burdens of important responsibilities. However, I repeat, you must be the first to see the future, with the possibility of changing things for the better. You must be the guardians of constructive relationships, adopting “a new way of speaking” which is more universal, which encourages unity between people rather than mistrust.
Create a culture of peace passed on from one to another.
So, what should we do? Anna Frank, while hidden in Amsterdam, wrote: “Mankind has an impulse towards destruction, towards slaughter, assassination and rage, and unless all mankind, without exception, undergoes a metamorphosis, war will engulf us all…”
So: we want you to be the metamorphosis. In fact, to reconstruct the fabric of human relations and become advocates for peace working towards change. And a choice intimately linked to ethics and the start of a dynamic process, aimed at building peace.
Dear young friends, I impart these thoughts to you, with the wish that they may fall on fertile ground. I now hand over to the other honourable guests who will further enrich the debate.
Thank you and I wish you all a fruitful evening building positive connections!
Mennillo: «Empatia e gestione dello stress, così aiuto i giovani a costruire una finanza più responsabile»
Italian version only
Questo articolo è stato pubblicato da Il Corriere - Economia
Mennillo: «Empatia e gestione dello stress, così aiuto i giovani a costruire una finanza più responsabile»
«La finanza sta cambiando velocemente. La tecnologia apre nuovi spazi e la competizione globale è sempre più serrata. Servono quindi nuove competenze per i giovani che si affacciano a questo mondo: essere capaci di comunicare in maniera inclusiva, avere una leadership empatica e saper gestire lo stress». Non occorre più solo una formazione specifica, dunque. Andrea Mennillo, classe 1962, è un banchiere di investimento di lungo corso: per molti anni ai vertici di importanti istituzioni finanziarie (gruppo Banca Popolare di Brescia, poi divenuto Bipop-Carire e de La Centrale Finanziaria Generale, la più antica holding finanziaria in Italia) , racconta la sua esperienza per sensibilizzare i giovani, sottolineando come sia «cruciale rafforzarsi continuamente nel corso della propria crescita professionale».
Le qualità umane che deve avere un leader
«Il rischio è endemico nel settore della finanza. Sommato alla rapidità dei cambiamenti, non può che portare ansia e stress in coloro che ogni giorno devono prendere decisioni, pregiudicandone la capacità di valutazione e la propensione ad agire consapevolmente», spiega Mennillo che, oltre a occuparsi di finanza internazionale, si dedica come mentore alla crescita degli studenti di economia dell’università americana di Fordham, in qualità di Chairman di Fordham University London. «Una strategia che ritengo indispensabile per un leader è il saper promuovere e mantenere buoni rapporti all’interno del team di lavoro e nelle relazioni all’esterno. Questo perché relazioni interpersonali positive riducono, anche di molto, gli effetti negativi dello stress che, a lungo andare, possono causare un vero e proprio logoramento — precisa il banchiere —. Le ricadute sui risultati di queste abilità sono ampiamente dimostrate». I rapporti umani e quotidiani tra persone che condividono lo stesso ambiente o lo stesso lavoro non sono un aspetto secondario rispetto alla conoscenza del mercato azionario od obbligazionario: «La qualità delle relazioni è oggi una risorsa strategica, indispensabile per raggiungere obiettivi importanti».
«Dovrebbero essere introdotti percorsi formativi ad hoc»
Sullo stato dell’arte, però, osserva che «su questi aspetti ci si sta muovendo ancora poco, soprattutto in ambito finanziario». Sui passi futuri, Mennillo ha le idee molto chiare: «A mio parere, dovrebbero essere introdotti percorsi ad hoc nei piani formativi universitari. Sul mercato però le iniziative di qualità sono ancora sporadiche. L’ultima, a cui mi sono approcciato e che mi sembra un ottimo compromesso, è il percorso di Proximity Supporting, realizzato da una realtà di nicchia molto innovativa, Kindacom Scrittura Strategica. È interessante perché abbina l’aspetto manageriale a quello psicologico e neuroscientifico, adattandoli alla persona e al suo contesto quotidiano».
Artificial intelligence and human thought: competition or collaboration?
Artificial intelligence is an epochal change in the paradigm of human beings. Machines that “think” are a novelty that we will have to learn to become familiar with. They are also a great opportunity, with an extremely significant impact on the world of work: it is estimated that, in the USA, 80% of jobs will be modified considerably due to AI.
Of course, there is, however, an ongoing heated debate on this subject. A very wide audience of subjects is intrigued by the novelty, but operators rightly wonder about its benefits, risks and practical and philosophical implications.
Artificial intelligence offers the possibility of making an infinite number of processes more efficient, especially those that are easier to automate. The ability to process a large amount of data and information can speed up the process and reduce or eliminate the margin of error. It is clear that it can be used in a large number of areas. Amongst these, for example, is cyber security.
In fact, with AI, the number of cyberattacks has essentially doubled, from over 560 per second globally to around 1,290 per second (Source: RSA Conference 2023). However, artificial intelligence itself is also a defence weapon, given that strategies based on monitoring, detection and response are more advanced and, in particular, that the ability to anticipate events has increased, thus automating the identification of any suspicious behaviour.
As fascinating as the practical application is, a crucial aspect of the debate concerns the interaction between human intelligence and artificial intelligence. In fact, we must consider that, like all technologies, AI also evolves at a much faster rate than the human adaptation times and, therefore, the way in which we relate to this tool requires careful evaluation.
How will this balance out? I share the opinion of those who see artificial intelligence as a support to humans in order to supplement their work and increase their effectiveness, rather than as a substitute for human intelligence.
We will have to study it, ask ourselves the right questions and acquire the necessary skills in order to have an active approach to the use of this epochal novelty and not to be simple spectators and passive users who delegate thought to a machine. AI’s way of “thinking” is inevitably mechanistic and therefore limited, compared with our ability to understand the context and its nuances.
However, it is an opportunity for knowledge and a unique opportunity for reflection, firstly, on an individual level and, secondly, also more generally on the role of the human being in the contemporary era. We need to be aware that our action of direction and control will continue to be irreplaceable. Because, after all, artificial intelligence is not as “intelligent” as it seems at first glance and, in any case, it cannot exist without human thought and action.
Tourists arriving, transport slowing. Where are we at?
In 2023, tourism reached surprising peaks as early as during the first few months of the year. It then reached even higher levels during the summer months. Forecasts estimate that there will be around 442 million overnight stays in the whole of 2023, which would mean a return to pre-pandemic levels as soon as a year and a half early.
An undoubtedly positive surprise. But, also in light of the news that has often highlighted the lack of services to support tourists, one wonders to what extent our infrastructures and, above all, our transport system are really ready to cope to such major tourist flows.
Let’s look at some data: in Italy, in the first four months of 2023, there were 12.7 million foreign tourists, recording +42% compared with 2022 (ISTAT and Eurostat data), whilst in Spain and France, the growth had “stopped” at 25 and 23%. Furthermore, after a pandemic that has radically changed habits and approaches to life, there is every reason to think that this is a structural increase and not a simple temporary rebound. In fact, the social trends behind travel seem to speak clearly: young people try to quickly make up for lost time, whilst older people want to live the time to come more intensely. Everyone, on the whole, wants to enjoy the present, in the awareness that what we take for granted today may in reality no longer be the case tomorrow, as though we are living in uncertainty caused by a constant “latent pandemic”.
The data therefore drives us to reflect, specifically, on our transport network: are we ready to host so many tourists, many of whom come from abroad? Looking at some news events, it would seem that we are not: for example, in cities, not just in tourist cities alone, we read of inefficient and/or insufficient public services, as well as of roads blocked in many renowned seaside resorts, such as the Amalfi Coast. Shortcomings that are even more worrying if we consider that, in addition to tourist flows, our transport system must be able to absorb the traffic of those who travel for work.
The transport system comprises the following:
- vehicles, such as planes, trains, cars, and ships;
- infrastructure, such as roads, stations, ports, and airports;
- Transport and infrastructure services management companies.
An efficient system must be able to coordinate these three elements in an optimal architecture, in order to offer the best service to tourists and workers. Unfortunately, to date, our transport infrastructure has some flaws that ought to be remedied quickly.
How do we solve the problem? On the one hand, the PNRR (Italy’s National Recovery and Resilience Plan) has allocated funds which, at least in the medium term, can contribute to making a substantial change. This relates to the Connecting Europe Facility, the program that allocates €400 million to improving trans-European transport networks. A project that moves in the right direction but which, alone, cannot completely solve the problem. In fact, airports are not included in the plan and the infrastructure adaptation times which, by definition, are medium-long, are incompatible with a quick solution.
In situations like this, I see the enhancement of that part of the infrastructural heritage – which is currently underutilized, and which could instead be a precious support if fully exploited – as a way out that can be achieved within a short period of time and with limited effort. I am specifically referring to the dense network of minor airports present in the area – 62 – often in areas of the country that are poorly served by the main transport network. These are smaller structures in quantitative terms, but which are already operational and with a potential that is yet untapped.
Just consider, specifically, the logistical limits currently found in many regions of Italy: the poor connection between the north and the center, and the hubs which are still too busy, such as Bologna; the connections with France, conditioned by the traffic in Liguria and the limits of the tunnels; the poor coverage of the road and railway network in southern Italy, and the lack of some flight routes, even short flight routes, but which are potentially fundamental for alleviating land traffic. These objective elements demonstrate how real the problem is and, with it, the need for a solution.
The awareness that the Italian airport system does not only comprise large hubs may be the starting point. There are a number of benefits, not only for tourism, but for the economy as a whole, thanks to the rich network of relationships and businesses that communication routes have always created. There are solutions, and they look both at the short and medium-long term, but the urgency is, firstly, to make the best use of what we already have, as well as to recover investments made in the past and make the most of them, with a synergistic approach that gives immediate feedback
An ethical reflection on finance: between performance, justice and truth
All too often, finance has been portrayed, or even perceived, especially by non-experts, as an obscure speculative mechanism, which has long ago abandoned its role as an instrument at the service of the real economy.
In this sense, the sudden process of globalization and integration between financial and economic systems which, in recent decades, has conditioned and drastically changed, "for better or for worse", the living conditions of large sections of the population has not helped. The affirmation of large emerging economies, such as China, India and Brazil, has highlighted uneven development models, generators of important social inequalities.
Now more than ever - thanks to the achievement of the new frontiers of digital technology, including robotics, artificial intelligence, big data, and process automation, new spaces are opening up also for finance, part of which, however, acts protected by the "virtual" environment, still being non-transparent and inaccessible to information.
An emblematic example of this process is the proliferation of cryptocurrencies such as bitcoins, real digital monetary systems "sometimes guaranteed, sometimes not", used both as a means of exchange and as an investment, capable of defining a new reality at the service of finance. However, at this point, I wonder if it is possible to reconcile the opportunities offered by technology for the benefit of financial processes with the ethical and moral principles for safeguarding the person.
In other words, what are the advantages to be seized and the risks to be run, so that finance has a more constructive impact on life and society?
The Holy See partially answered this question a few years ago, expressing its opinion through the document "Oeconomicae et pecuniariae quaestiones", which explores the effects of economic and financial activities on human life and offers important considerations that promote ethical discernment.
“...in fact, human rationality seeks, in truth and justice, that solid foundation on which to base its work, in the presentiment that, without it its own guidance, would also fail.”
Cit. doc.
Fordham's Jesuit heritage fully marries the ideas shared in this document, from which emerges the essential need that the work of a true leader be characterized by a "heartfelt" enlightening discernment.
The mission is to convey to its students - future leaders - who will hold important positions in the financial field, values that guide the search for performance in a socially responsible manner, i.e., by turning attention towards ethical goals. This means abandoning a purely speculative approach in the pursuit of profit to identify good investment practices without ever disregarding a real assumption of responsibility. "Ethical finance" is not just a philosophical-theoretical concept that is difficult to achieve, but rather also a tangible goal towards which everyone should strive.
I agree with the message of the Social Doctrine of the Church which refers to the ethics of finance, where the term "ethics" is considered an intrinsic component of the financial paradigm and not an appendix that simply defines a specific feature.
“…that ethics belongs to finance as something of its own and that it arises from within it. It is not added later but emanates from an intimate need for finance itself to pursue one's goals, given that the latter is also a human activity.
Cit. doc.
Even though, with all the difficulties of the case, in Europe, the wind of awareness in favor of a more ethical finance has already been blowing for some time in the right direction in many ways, ranging from the exclusion of some sectors (such as weapons or pornography, energy sources non-renewable, non-sustainable companies), to the selection of investments based on the ESG sustainability rating of the individual issuers. An interesting novelty is the dissemination, on the market, of funds that invest specifically on the basis of Catholic principles, as defined by the episcopal bodies, which consider, among other things, political and civil rights, corruption, and political freedom in a given country.
Justice, solidarity, truth and inclusion should always reflect the work of finance; only in this way can progress truly be defined as such, namely, founded on a community that is ethically respectful of human dignity.