FOL lab: La riforma Obama per i mercati finanziari

[soros75]

Buongiorno.
Propongo ufficialmente l'utilizzo di questo post per discutere della proposta Obama per la riforma dei mercati finanziari.

Inizio con il raccogliere i primi articoli che parlano della riforma.

New York Times
http://www.nytimes.com/2009/06/18/bu...1&ref=business

Link utili che troviamo a margine dell'articolo:
Obama's Plan for Financial Regulatory Reform
Documento originale:
http://graphics8.nytimes.com/package...m/original.pdf

Proposed Changes in Federal Regulation of the Financial Industry
http://www.nytimes.com/imagepages/20...f01.ready.html

Some Lawmakers Question Expanded Reach for the Fed

President Obama met Wednesday with regulators at the White House. At right are Ben S. Bernanke, chairman of the Federal Reserve, and Sheila C. Bair, chairwoman of the F.D.I.C.
Published: June 17, 2009

WASHINGTON — No sooner had President Obama proposed a new regulatory road map for the country’s financial system on Wednesday than senior lawmakers expressed reservations about one of the plan’s central elements — to broadly expand the reach of the Federal Reserve to regulate financial risk across the entire system.
Mr. Obama said that the plan would protect consumers, impose new restraints on financial behemoths and guard against the murky practices that caused the market crisis.

“A culture of irresponsibility took root from Wall Street to Washington to Main Street,” he said in a speech to industry executives and senior officials in the East Room of the White House. “A regulatory regime basically crafted in the wake of a 20th century economic crisis — the Great Depression — was overwhelmed by the speed, scope and sophistication of a 21st century global economy.”

Administration officials said that much of the proposal would not require Congressional action and would be adopted by regulators. These include raising the amount of the financial cushion that institutions must hold against losses, setting new conflict of interest rules for credit rating agencies and imposing new requirements that banks hold on their own books a percentage of the mortgages they issue to discourage the marketing of abusive or ill-suited loans.

But the most significant elements would require new laws. Minutes after Mr. Obama’s speech, the two Democratic chairmen whose committees will put their own imprint on the plan vowed to complete legislation by the end of this year, but only on Congress’s terms.

Senator Christopher Dodd of Connecticut, chairman of the Senate Banking Committee, said the central bank’s failure to be a tough-minded regulator over the last decade had left him and other lawmakers without “a lot of confidence in the Fed at this point.” One of the criticisms is the Fed’s failure to stop the sale of subprime mortgages and other dangerous home loans that helped cause the financial crisis.

Mr. Dodd said giving the Fed a new role as overall risk regulator might also compromise its independent status and conflict with its mandate to control inflation and manage the supply of money by setting interest rates.

Representative Barney Frank of Massachusetts, who until recently was publicly supportive of an expanded role for the Fed, said a significant number of lawmakers have raised concerns and that it would probably be one of the harder issues to resolve.

Mr. Frank, who heads the House Financial Services Committee, said he strongly opposed a different part of the president’s proposal, which would eliminate more than 1,000 federal thrift charters around the nation. Many of those thrifts are in Mr. Frank’s home region of New England.

Some large financial institutions are expected to lobby against giving the Fed more power to police the system. They fear that the central bank would significantly raise the amount of capital they must hold against losses, which would reduce their profitability and make them less competitive with smaller companies that have lower capital rates.

The architects of the plan, Timothy F. Geithner, Treasury secretary, and Lawrence Summers, director of the National Economic Council, said it was essential to give the Fed more authority to avert or at least minimize future market crises.

“While I don’t think there is any regulator that doesn’t look back with a great deal of regret,” Mr. Summers said at a news briefing, “it’s important to recognize that many of these problems didn’t happen in areas that the Fed touched and, in fact, they often involved companies that managed to escape the Fed’s jurisdiction.”

The Fed, for example, did not supervise any of the major financial company failures like Bear Stearns, the American International Group, Lehman Brothers and Countrywide Financial. But it has supervised the holding companies at some of the largest banks, including Citigroup, Bank of America and Wells Fargo.

He said the other alternative that some have proposed, a committee of regulators to police the system, simply would not work.

“Experience in financial regulation, in government and in life in general suggests that collective responsibility means no responsibility, or at least no accountability,” Mr. Summers said.

Mr. Geithner said the administration had studied a range of alternatives and had found that those countries that split the functions of systemic regulator and central banker often suffered deeper financial problems during periods of crisis.

“The president believes there is not a better way to prevent and manage a future crisis without putting the authority in one place,” Mr. Geithner said. “We have to make a choice. I do not believe there is a plausible alternative that provides accountability, credibility and gets to the core of the problem.”

Mr. Summers suggested that the overhaul plan reflected a sharp break from the traditional view in Washington that the marketplace, rather than the government, should determine when to put a stop to speculative bubbles like the upward spiral in housing prices from the late 1990s to 2006.

Under the new view he described, the government should play a major role in cutting excessive lending and speculation before they lead to market crises.

“The president does not accept the judgment,” Mr. Summers said, “that we let market forces rip and then when there is an accident, we clean up afterwards.”

Under Mr. Obama’s plan, the Fed would expand its current reach of overseeing bank holding companies — those owning more than one commercial bank — to “other large firms that pose a risk to the entire economy in the event of failure.” It would set up a new oversight council, to be led by the Treasury secretary, to advise the Fed on regulatory gaps and issues that do not fit into the traditional framework. The council would identify companies for increased supervision by the Fed because their problems could pose a systemwide shock.

The plan would give the Federal Deposit Insurance Corporation new powers to seize troubled banks and other companies when they falter and could harm the larger financial system. It would also give the Securities and Exchange Commission and the Commodity Futures Trading Commission the power to put in place new rules for derivatives, including credit default swaps.

And it would create a federal agency to oversee consumer products like mortgages, annuities and credit cards. That proposal has already provoked a barrage of criticism from banks, which would have to face a new set of examiners in addition to the ones that already supervise them for safety and soundness.

The president said he had rejected calls to scrap the current regulatory network, opting instead to devise reforms “to pinpoint the structural weaknesses that allowed for this crisis.” Mr. Obama said his goal was “a system that works for business and consumers,” one that will enhance “honest, vigorous competition” rather than reward gimmickry. At the same time, he said, he has never lost his faith in the power of the free market.

John Harwood and David Stout contributed reporting.

[soros75]

Financial Times

US groups face regulatory revamp

By Tom Braithwaite in Washington and Francesco Guerrera in New York

Published: June 17 2009 18:06 | Last updated: June 18 2009 00:31

Big US companies ranging from Wall Street banks to insurers, investment groups and General Electric on Wednesday faced fundamental changes in the business environment as President Barack Obama proposed what could be the biggest regulatory revamp since the 1930s.

The plan, which still must win congressional approval, would give the Federal Reserve new powers to oversee companies whose failure could endanger the banking system – a category that includes not only traditional lenders, but any company with significant financial operations, such as GE.

Remuneration and profits at Wall Street and beyond could be hit by the reforms, which would see the administration attempt to tighten capital and leverage rules at global banks in negotiation with the Basel Committee on Banking Supervision.

The administration sees the new rules as a rejection of the light-touch approach that held sway under Alan Greenspan, former Fed chairman.

“A culture of irresponsibility took root from Wall Street to Washington to Main Street,” said Mr Obama on Wednesday. “And a regulatory regime basically crafted in the wake of a 20th century economic crisis – the Great Depression – was overwhelmed by the speed, scope, and sophistication of a 21st century global economy.”

Mr Obama said he did not undertake intervention into the economy lightly. “We are called upon to recognise that the free market is the most powerful generative force for our prosperity – but it is not a free licence to ignore the consequences of our actions,” he said.

Corporate experts said the extension of the Fed’s powers would change the playing field for companies with finance operations, including Ford and General Motors, and others. It also could affect the strategies of companies such as retailer Wal-Mart, which had considered entering the financial sector.

“In the US, we had a long-standing debate over the separation of commerce and banking and concluded that commerce and banking will not be mixed,” said Don Ogilvie, the former head of the American Bankers Association who now chairs the Deloitte Center for Banking Solutions, a think-tank.

Large private equity groups and hedge funds such as Blackstone and Fortress could also come under the Fed’s purview if their size and importance to the economy continues to grow.

GE, whose finance arm GE Capital is bigger than many banks and had been regulated by the soon-to-be-scrapped Office of Thrift Supervision, was not available for comment.

The proposals attempt to bring transparency to previously opaque areas of financial markets, such as over-the-counter derivatives trading, and give the government unprecedented power to seize failing institutions. The new powers are intended as a response to the authorities’ inability to deal with the failure of large financial companies, such as AIG and Lehman Brothers, which were systemically important but remained outside the purview of the main US banking regulators.

Although parts of the white paper are expected to gain the support of business and both political parties, people in Congress expect a bitter fight over the detail. The Senate looks set to be the key battleground, with aides warning that the argument over the proposals could extend into next year in spite of the administration’s plans to pass it all in 2009.

[soros75]

Il Corriere della Sera

Presentata la riforma globale del sistema normativo della finanza
Wall Street e consumatori, la grande svolta di Obama.
Federal Reserve «super poliziotto», nuova agenzia che protegga i consumatori e nuovi standard per le banche

Dal nostro inviato Massimo Gaggi

NEW YORK — Ben Bernanke, il capo della Fed, «superpoliziotto» con ampi poteri di intervento su tutte le grandi società finanziarie (banche, ma anche assicurazioni e altro) che, proprio per le loro dimensioni, possono far correre un «rischio sistemico » all’intera economia. È l’intervento più forte e, forse, controverso, della riforma dei meccanismi di controllo dei mercati finanziari Usa presentata ieri da Barack Obama. Ed è la terza grande sfida lanciata dal presidente nel tentativo di tirare fuori il Paese dalla grave crisi nella quale è precipitato e di modernizzarlo, dopo il varo, qualche mese fa, di un pacchetto di stimoli fiscali all’economia da quasi 800 miliardi di dollari e l’avvio di una serie di interventi socio-economici, dalle misure per il risparmio energetico a una riforma sanitaria che deve migliorare la salute degli americani ma anche quella del bilancio federale e alleggerire le imprese dagli oneri assicurativi che riducono la loro competitività.

Una parte della «corporate America» e il partito repubblicano sono già sul sentiero di guerra, ma Obama è convinto di aver messo a punto un progetto ben bilanciato, frutto del lavoro fatto dal suo team economico coi leader del Congresso (soprattutto Barney Frank e Chris Dodd, capi di due commissioni-chiave), dopo aver consultato imprese, accademici e organizzazioni dei consumatori. Secondo i suoi detrattori la riforma introduce troppi vincoli: ad esempio l’obbligo di registrazione presso la Sec, la Consob americana, per gli «hedge fund» e regole molto più severe per l’erogazione dei mutui-casa, con l’abolizione delle formule «esotiche» che consentono di ottenere finanziamenti imponenti pagando, all’inizio, rate bassissime. Vincoli che rischiano di «ingessare» i mercati finanziari in una fase nella quale il motore di Wall Street già sta girando ad un ritmo molto ridotto. Ma il presidente sostiene il contrario: sa che il mercato è un insostituibile e straordinario produttore di ricchezza e dice di volerne uno «forte e vibrante; ma, per averne uno così, dobbiamo anche renderlo trasparente e ben sorvegliato, con adeguate tutele per i consumatori».

Obama sostiene di voler sfidare la «cultura dell’irresponsabilità » che ha portato i mercati sulla soglia della dissoluzione e che è costata carissima a gran parte degli americani. E avverte che non si farà legare le mani né da chi dice che sta facendo troppo poco — che la sua non è la riforma radicale che sarebbe necessaria — né da chi lo accusa di andare troppo in là sulla strada dell’intervento dello Stato in economia, perché stavolta in ballo non ci sono solo i rapporti tra diversi tipi di operatori finanziari, ma il destino delle pensioni di milioni di americani, delle risorse con le quali la gente paga la formazione scolastica e universitaria dei figli, la capacità dei cittadini di conservare la casa acquistata con molti sacrifici. Oltre ai rafforzamenti dei poteri della Federal Reserve, la Banca centrale Usa, per prevenire i rischi sistemici (che possono costare centinaia di miliardi di dollari al contribuente, come è avvenuto per il salvataggio di AIG) alla registrazione degli «hedge fund» (che, comunque, non vengono regolamentati severamente, come molti chiedevano) e alle nuove regole per l’erogazione di mutui, la riforma di Obama contiene diverse altre novità: la costituzione di una nuova «authority» per la tutela dei consumatori di prodotti finanziari; la previsione che l’originatore di un prestito mantenga un certo interesse al suo rimborso (si parla di un impegno del 5%, ma Obama non l’ha precisato), anche se cede il credito, cartolarizzato, ad altri soggetti; una serie di iniziative per colmare i vuoti normativi che fin qui hanno consentito a molti operatori di «scegliersi» la loro autorità di sorveglianza, approfittando della concorrenza esistente tra diversi «regolatori ».

Negli Usa ne esistono ben sette. Problemi giuridici e politici hanno costretto il governo a rinunciare al progetto iniziale di unificare tutto sotto un ombrello unico. Ma verrà costituito un consiglio (Council of Regulators) del quale faranno parte tutti gli enti di supervisione del mercato, presieduto dal ministro del Tesoro, che coordinerà le politiche delle varie agenzie, in modo da evitare che si creino vuoti o sovrapposizioni. Un solo ente verrà soppresso: l’OTS (Office of Thrift Supervision), un’agenzia del Tesoro che ha dato una pessima prova di sé nel controllo delle banche minori e delle casse di risparmio. Da oggi la riforma è all’esame del Congresso, dove le lobby di Wall Street che considerano i nuovi vincoli alla loro attività troppo stringenti, sono già al lavoro. Obama non drammatizza: «C’è sempre stata tensione tra chi ha fiducia nella 'mano invisibile del mercato' e chi, invece crede nella mano visibile del governo. In sé questa tensione non è negativa: ci aiuta a discutere, ma anche a essere dinamici, ci obbliga ad adattarci, ma anche a crescere».

[soros75]

Il sole 24 ore
Obama riforma la finanza Super fed e stretta sui derivati

Il presidente degli Stati Uniti, Barack Obama, ha varato il suo piano per la riforma della finanza. Una riforma che sarà, a suo dire, la più imponente mai realizzata dal periodo della Grande Depressione e che ha come obiettivo quello di modernizzare e proteggere l'integrità del sistema finanziario nord americano per evitare nuove crisi finanziarie. Il tutto con la premessa, ha spiegato Obama, che «il libero mercato è la forza generatrice della prosperità», tuttavia questo «non deve essere un alibi per ignorare le conseguenze delle nostre azioni».

Una visione, ha aggiunto Obama a mo' di richiamo, «che deve essere chiara da Wall Street fino a Main Street», cioè dalla sede della Borsa statunitense fino al Governo, naturalmente passando attraverso l'economia reale e i semplici cittadini. In questa ottica, il presidente Usa ha proposto che la Federal Reserve «garantisca questo processo attraverso un potenziamento della sua autorità e delle sue responsabilità», in modo da regolare gli enti finanziari del paese e le grandi imprese. «Così da evitare ulteriori rischi in caso di crac dell'economia».

L'obiettivo principale della riforma presentata da Obama è aumentare il livello di supervisione sulle grandi istituzioni finanziarie. Non è prevista l'unificazione della Sec, l'autorità di controllo sulla borsa Usa, con il Cftc, la Commodity Futures Trading Commission, a causa dei problemi politici che sorgerebbero. Le proposte della Casa Bianca, allo studio da sei mesi, prevedono l'inserimento tra le competenze della Fed della vigilanza sulle grandi banche e le istituzioni finanziarie per i pericoli derivanti dall'eccessiva assunzione di rischio. Su questo punto, la Fed sarà affiancata da un nuovo Consiglio per la vigilanza finanziaria, con rappresentanti da tutte le autorità del settore e presieduto da un rappresentante del Tesoro. Sono queste le stesse linee sulle quali si stanno muovendo l'Unione Europea e la Bce, con tempi, per alcuni aspetti, anche già più avanzati rispetto agli Stati Uniti.

Nuovi poteri alla Federal Reserve
In futuro, la Fed avrà maggiori poteri di vigilanza sui sistemi di regolamento e di pagamento, e potrà monitorare tutte le istituzioni finanziarie attive negli Usa, comprese le filiali di gruppi esteri nonché le società commerciali che svolgono attività bancarie. Il piano Obama, una novantina di pagine in tutto, prevede «standard più rigorosi e prudenti» a livello di requisiti patrimoniali, liquidità e gestione dei rischi per tutte le entità sottoposte alla nuova vigilanza.

I poteri della Fed si estenderanno anche su quei comparti finora scoperti, come i derivati Cds (Credit Default Swaps) e altri tipi di titoli di finanza strutturata che sono stati alla base della crisi finanziaria globale. Saranno, inoltre, inasprite le regole per la vendita di questo tipo di prodotti al grande pubblico. Gli advisor degli hedge fund attivi a Wall Street, ma non gli hedge fund stessi, avranno l'obbligo di registrazione presso la Sec come consulenti all'investimento. Previsto anche lo smantellamento dell'Office of Thrift Supervision, un'unità del Dipartimento del Tesoro con compiti di vigilanza bancaria.

In passato, le autorità di controllo chiamate a vigilare sul sistema finanziario degli Stati Uniti «avevano guardato ai singoli alberi e non all'intera foresta. Nessuno, (inoltre), era responsabile della tutela dell'intero sistema», ha spiegato Obama. Ora, «le autorità di controllo guarderanno alla stabilità del sistema finanziario come a un tutto» e il governo «chiederà alle istituzioni finanziarie di presentare maggiori standard di capitale e di liquidità». Nell'intento di snellire l'intera rete dei controlli, inoltre, «smantelleremo l'Office of Thrift Supervision», ovvero l'agenzia che controlla l'attività delle casse di risparmio e delle associazioni dei prestiti.

Protezione ai consumatori
Non è tutto. Obama ha riferito anche di voler creare una Agenzia per la protezione finanziaria dei consumatori per permettere loro di avere sempre «informazioni semplici, trasparenti e precise» sui prodotti finanziari. Insomma, ha concluso il presidente, basta con questi «ridicoli contratti composti da una infinità di pagine scritte piccolissime e che nessuno comprende e che hanno portanto alla rovina tantissimi cittadini americani. Vogliamo un mercato in cui siano presenti l'innovazione e la responsabilità, e in cui manchino invece le azioni sconsiderate e l'avidità». La riforma di Obama che ridisegna l'architettura del sistema di controllo sul settore finanziario ora andrà all'esame del Congresso. (Riccardo Barlaam)
17 giugno 2009

[Future trader]

temi molto importanti, ma in italia il dibattito è tutto incentrato sulle veline di berlusconi....

[max29go]

Originalmente inviato da soros75

Buongiorno.
Propongo ufficialmente l'utilizzo di questo post per discutere della proposta Obama per la riforma dei mercati finanziari.

Inizio con il raccogliere i primi articoli che parlano della riforma.

New York Times
http://www.nytimes.com/2009/06/18/bu...1&ref=business

Link utili che troviamo a margine dell'articolo:
Obama's Plan for Financial Regulatory Reform
Documento originale:
http://graphics8.nytimes.com/package...m/original.pdf

Proposed Changes in Federal Regulation of the Financial Industry
http://www.nytimes.com/imagepages/20...f01.ready.html

Some Lawmakers Question Expanded Reach for the Fed

President Obama met Wednesday with regulators at the White House. At right are Ben S. Bernanke, chairman of the Federal Reserve, and Sheila C. Bair, chairwoman of the F.D.I.C.
Published: June 17, 2009

WASHINGTON — No sooner had President Obama proposed a new regulatory road map for the country’s financial system on Wednesday than senior lawmakers expressed reservations about one of the plan’s central elements — to broadly expand the reach of the Federal Reserve to regulate financial risk across the entire system.
Mr. Obama said that the plan would protect consumers, impose new restraints on financial behemoths and guard against the murky practices that caused the market crisis.

“A culture of irresponsibility took root from Wall Street to Washington to Main Street,” he said in a speech to industry executives and senior officials in the East Room of the White House. “A regulatory regime basically crafted in the wake of a 20th century economic crisis — the Great Depression — was overwhelmed by the speed, scope and sophistication of a 21st century global economy.”

Administration officials said that much of the proposal would not require Congressional action and would be adopted by regulators. These include raising the amount of the financial cushion that institutions must hold against losses, setting new conflict of interest rules for credit rating agencies and imposing new requirements that banks hold on their own books a percentage of the mortgages they issue to discourage the marketing of abusive or ill-suited loans.

But the most significant elements would require new laws. Minutes after Mr. Obama’s speech, the two Democratic chairmen whose committees will put their own imprint on the plan vowed to complete legislation by the end of this year, but only on Congress’s terms.

Senator Christopher Dodd of Connecticut, chairman of the Senate Banking Committee, said the central bank’s failure to be a tough-minded regulator over the last decade had left him and other lawmakers without “a lot of confidence in the Fed at this point.” One of the criticisms is the Fed’s failure to stop the sale of subprime mortgages and other dangerous home loans that helped cause the financial crisis.

Mr. Dodd said giving the Fed a new role as overall risk regulator might also compromise its independent status and conflict with its mandate to control inflation and manage the supply of money by setting interest rates.

Representative Barney Frank of Massachusetts, who until recently was publicly supportive of an expanded role for the Fed, said a significant number of lawmakers have raised concerns and that it would probably be one of the harder issues to resolve.

Mr. Frank, who heads the House Financial Services Committee, said he strongly opposed a different part of the president’s proposal, which would eliminate more than 1,000 federal thrift charters around the nation. Many of those thrifts are in Mr. Frank’s home region of New England.

Some large financial institutions are expected to lobby against giving the Fed more power to police the system. They fear that the central bank would significantly raise the amount of capital they must hold against losses, which would reduce their profitability and make them less competitive with smaller companies that have lower capital rates.

The architects of the plan, Timothy F. Geithner, Treasury secretary, and Lawrence Summers, director of the National Economic Council, said it was essential to give the Fed more authority to avert or at least minimize future market crises.

“While I don’t think there is any regulator that doesn’t look back with a great deal of regret,” Mr. Summers said at a news briefing, “it’s important to recognize that many of these problems didn’t happen in areas that the Fed touched and, in fact, they often involved companies that managed to escape the Fed’s jurisdiction.”

The Fed, for example, did not supervise any of the major financial company failures like Bear Stearns, the American International Group, Lehman Brothers and Countrywide Financial. But it has supervised the holding companies at some of the largest banks, including Citigroup, Bank of America and Wells Fargo.

He said the other alternative that some have proposed, a committee of regulators to police the system, simply would not work.

“Experience in financial regulation, in government and in life in general suggests that collective responsibility means no responsibility, or at least no accountability,” Mr. Summers said.

Mr. Geithner said the administration had studied a range of alternatives and had found that those countries that split the functions of systemic regulator and central banker often suffered deeper financial problems during periods of crisis.

“The president believes there is not a better way to prevent and manage a future crisis without putting the authority in one place,” Mr. Geithner said. “We have to make a choice. I do not believe there is a plausible alternative that provides accountability, credibility and gets to the core of the problem.”

Mr. Summers suggested that the overhaul plan reflected a sharp break from the traditional view in Washington that the marketplace, rather than the government, should determine when to put a stop to speculative bubbles like the upward spiral in housing prices from the late 1990s to 2006.

Under the new view he described, the government should play a major role in cutting excessive lending and speculation before they lead to market crises.

“The president does not accept the judgment,” Mr. Summers said, “that we let market forces rip and then when there is an accident, we clean up afterwards.”

Under Mr. Obama’s plan, the Fed would expand its current reach of overseeing bank holding companies — those owning more than one commercial bank — to “other large firms that pose a risk to the entire economy in the event of failure.” It would set up a new oversight council, to be led by the Treasury secretary, to advise the Fed on regulatory gaps and issues that do not fit into the traditional framework. The council would identify companies for increased supervision by the Fed because their problems could pose a systemwide shock.

The plan would give the Federal Deposit Insurance Corporation new powers to seize troubled banks and other companies when they falter and could harm the larger financial system. It would also give the Securities and Exchange Commission and the Commodity Futures Trading Commission the power to put in place new rules for derivatives, including credit default swaps.

And it would create a federal agency to oversee consumer products like mortgages, annuities and credit cards. That proposal has already provoked a barrage of criticism from banks, which would have to face a new set of examiners in addition to the ones that already supervise them for safety and soundness.

The president said he had rejected calls to scrap the current regulatory network, opting instead to devise reforms “to pinpoint the structural weaknesses that allowed for this crisis.” Mr. Obama said his goal was “a system that works for business and consumers,” one that will enhance “honest, vigorous competition” rather than reward gimmickry. At the same time, he said, he has never lost his faith in the power of the free market.

John Harwood and David Stout contributed reporting.

Beh....l'area che ho creato io..."Obama moralizzatore" ha lo stesso contenuto e scopo della tua.....