Unicredit’s latest move, a €10 billion Public Exchange Offer (Ops) for Banco Bpm, is a classic masterpiece of financial capitalism that devours everything in its path: companies, savings, welfare, and even a slice of democracy. The grand architect, Andrea Orcel, promises to create a European savings management giant capable of challenging American behemoths like BlackRock. A noble goal? Not at all. Behind the facade lies the usual logic of profit for the few and sweeping the dirt under the rug for everyone else.
The Dirty Game
On paper, this operation aims to keep €33 trillion of European savings from flowing into the United States, where the “Big Three” (BlackRock, Vanguard, and State Street) dominate the global financial landscape. In reality, Unicredit itself is already a Trojan horse: its primary shareholders include Allianz and—unsurprisingly—BlackRock. The risk? Creating a “super-player” in Europe that, in critical moments, serves the very interests it is supposed to fight against.
It’s no coincidence that this operation mirrors the plans of figures like Mario Draghi and Enrico Letta, who envisioned Europe as a vast unified capital market with minimal regulations to hinder mergers, consolidations, and above all, monopolies. The result? Unicredit, with over 20 million customers, aims to dominate European savings management, but at what cost? Spoiler: as usual, we will be footing the bill.
Welfare Sacrificed on the Altar of Finance
Why create such financial behemoths? The answer is simple: the bigger the giant, the easier it is to extract resources from savers. The strategy is clear—dismantle what little remains of the welfare state, push citizens to invest in private funds and insurance policies, and let the financial giants reap the profits. The European Central Bank, under Christine Lagarde’s leadership, is already paving the way with restrictive policies, fiscal rigor, the Stability Pact, and no mercy for the vulnerable. Perfect for the financial giants, disastrous for everyone else.
The Government: Naïve and Powerless
Amidst this dirty game, the Italian government makes its timid appearance. Giancarlo Giorgetti, Minister of Economy, has threatened to use the Golden Power to block Unicredit’s Ops. But let’s be realistic: what can a government do without a true savings strategy? The original plan was to create an “Italian hub” with Banco Bpm, Anima Sgr, Mps, and the usual players like Caltagirone and Del Vecchio—a move weak from the outset, instantly swept away by Unicredit’s Ops.
Now, Giorgetti clings to a power he no longer has, while the European Commission, inspired by Draghi’s blueprint, pushes for mega-aggregations and transnational monopolies. Europe doesn’t want small national players; it wants a handful of giants ready to compete globally, even if that means sinking the economic sovereignty of individual nations.
A Foregone Conclusion
The game is over: either BlackRock and Allianz win, or BlackRock and Allianz win. The only difference is the packaging. Meanwhile, European citizens continue to see their savings funneled into the hands of global finance, while welfare crumbles and governments stammer. It’s the same old script—a system that uses buzzwords like “competitiveness” and “single market” to justify yet another theft of public resources for the benefit of a few private interests.
But don’t worry: once again, we’ll be told it’s all for our own good.
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