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By Giovanni Magnifico (auth.)

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The intensity of the financial flows which have been directed towards the South through the industrial-credit system becomes evident. ([4] pp. 383-6) In 1964 the activity of the industrial-credit institutions has been directed, more than in the two preceding years, to accelerating the process of industrialisation of the South; the large institutions with a national field of action have contributed more than in the past to this objective.... ([5] p. 325) The three Southern institutions (Istituto per 10 Sviluppo Economico dell'Italia Meridionale, Istituto Regionale per il Finanziamento aIle Industrie in Sicilia and Credito Industriale Sardo), having increased their receipts from bond issues and having received, albeit in a smaller measure than in 1963, fresh government funds and loans from abroad, show an increase in the loans they granted that is larger than in 1963 in absolute value, but not in relative terms.

Honouring that undertaking implies that individuals and business firms would be allowed to make massive shifts of funds across national frontiers within the Community, if they so desired, in response to changes in the economic and political outlook of member countries. In view of this, there would be little room for concern that an accountable institution could cause disruption with its day-to-day operations. The new European credit institution would bring under the same roof the operations of commercial and development banks, as well as certain operations more typical of central banking.

They might even diverge, for achievement of a common strategic aim might require action in opposite directions. In conditions usually described as 'overheating of the economy', it might be appropriate to switch to restriction in the high-activity group while pursuing more or less moderate stimulation in the group in need of economic invigoration. Still, the danger of conflicts arising from the policy dichotomy would be there. As far as objectives are concerned, the Community might be faced with the choice between fast growth on one side and regionally balanced development on the other.

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