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Swiss lawmakers have called for stricter oversight of the financial sector following a report that attributed Credit Suisse's collapse to mismanagement and criticized regulatory responses. Meanwhile, UniCredit's CEO emphasized the need for deeper European banking integration to enhance economic growth, while US regulators face scrutiny over their handling of bank mergers, particularly regarding Capital One's proposed acquisition of Discover. In a separate development, Crédit Agricole has agreed to acquire Santander's stake in Caceis, gaining full control of the asset servicing entity.
The pharmaceutical payback mechanism in Italy requires companies to reimburse 50% of any overspending beyond a low annual ceiling, which is often set below actual needs. Industry leaders argue that recent government measures, particularly Article 57, threaten innovation and drug availability by reducing company margins in favor of distribution. Calls for a review of the payback system emphasize the need for a sustainable approach that supports pharmaceutical production and addresses potential drug shortages.
Marcello Cattani, president of Farmindustria, expressed disappointment over the lack of an increase in the pharmaceutical spending ceiling in Italy's budget maneuver, which he argues could lead to increased payback for companies and exacerbate drug shortages. He criticized Article 57 for reducing pharmaceutical margins in favor of distribution, calling for its repeal and emphasizing the need for a supportive industrial strategy to maintain Italy's competitiveness in the pharmaceutical sector. Cattani urged for a long-term vision to bring active ingredient production back to Europe and ensure rapid access to essential drugs.
Michael McGrath is poised to become the next EU justice chief after resigning as Ireland's finance minister. European Commission President Ursula von der Leyen has selected him to lead the European Democracy Shield, focusing on rule-of-law issues and digital consumer protection. McGrath, a member of the centrist Fianna Fáil party, has a background in economic policy and will oversee the implementation of new media freedom regulations.
Europe's competition officials warn that proposed changes to merger rules aimed at creating corporate giants may backfire, potentially harming the economy. While calls for consolidation in sectors like telecoms and banking grow, officials emphasize the need to address regulatory fragmentation rather than relax competition rules. The focus should remain on fostering strong competition to prepare European firms for global challenges.
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