Contents Vol. XXIV - N.151 >> Features 6 Cover story Draghi: many reasons 20 IMF As China slows, The text of the recent speech of the ECB Chairman in Berlin Petrone A conversation with the Italian ambassador to Tokyo 10 Analysis Why not Italy? Alternative assets Microfinance made in Italy Japan will step up to be positive Editor and Publisher Paolo Panerai +39 02 58219209 Editor Ettore Mazzotti +39 02 58219885 Contributors Pier Paolo Albricci, Guido Salerno Aletta, Giuliano Castagneto, Marcello Conti, Alessandro Luongo, Lorenzo Morelli, Patrizia Morlacchi (league tables), Stefania Peveraro, Piero Piccioli, Francesca Vercesi Enrico Redaelli (Art director) Alessandro Villa (Layout) English Text Copy Editor Brigitta Kelliher Translations Studio Kosmos Editorial Assistant Rosalba Pagano President: Paolo Panerai General Consultant: Giorgio Trombetta-Panigadi Co-General Manager: Andrea Mattei Circulation Mgr.: Maurizio Montanari Subscription Mgr.: Ilaria Aguzzi Lombard Editori srl via M. Burigozzo, 5 - Milano, 20122 +39 02 58219885 Fax +39 02 58317.518, 58317.509 Via S. Maria in Via, 12 - Roma, 00186 +39 06 6871208 Fax 39 06 6892781 Subscriptions dep. +39 02 58219249 Fax +39 02 58219643 Mailing: AB. Postale Gruppo IV/70 Subscription price (6 issues): Eur 200. Single copies: Eur 33 each prepaid. Copies are sent surface post. For air mail add: Eur 5.16 (Eu), € 15.49 (US-Asia), € 11.36 (Africa), € 23.24 (Australia) Checks payable to Lombard Editori srl. Photolitho: ERRE Creativity Printing: Grafiche Vela via Copernico, 8 - Binasco (Mi) +39 02 90092766 Advertising: Class Pubblicità S.p.A. Vincenzo 22 A conversation with two Italian entrepreneurs who launched microfinance funds by Pier Paolo Albriccci It is a good place to invest by Guido Salerno Aletta Domenico Arcuri 28 Legal 16 Invitalia Our win-win Eni's antivirus against corruption battle for greenfield assets An interview with Domenico Arcuri, CEO of the Agency The chief legal manager explains his strategy by Lorenzo Morelli >> Invest in Italy 32 Bon d 46 P r i vat e E qu i t y Flight to quality awards A winning model: corporates the investor-entrepreneur by Stefania Peveraro by Marcello Conti 34 48 Bou r s e Italian banks: aren't they a big deal? R e a l E s tat e Public real estate: a wealth of assets for the market by Giuliano Castagneto by Alessandro Luongo 38 C o m pa n i e s Mid-sized market: the export champions by Piero Piccioli via Burigozzo, 8 - 20122 Milano; +39 02 58219.500 Fax +39 02 58305643 Executive Chairman: Andrea Mattei CEO: Fabrizio Masini Deputy Chairman Digital: Gianalberto Zapponini Chief Marketing Officer: Domenico Ioppolo Group Publisher Periodici: Marina Lemessi BU Finanza-Assicurazioni-Energia: Stefano Maggini; BUFashion-Luxury-Cosmesi: Maurizio Ruggiero; BU Largo Consumo: Giovanni Russo; BU Speciali: Danilo Altenburger; BU Design-Edilizia-Auto-Nautica: Donata Casati; BU Centri Media-Agenzie: Diego Olivelli; BU Pubblica Amministrazione: Carlo Bassi; Coordinamento Roma e Sud Italia: Renato Manzari; Coordinamento Nord Italia: Stefano Castellani >> The italiaN Financial Elite 62 investment banks and insurance companies 71 T he league tables Ra n k i n g Top performers among commercial banks, Data in this issue are valid through 28 September 2012 NEXT ISSUE - Nº 152 (Dec 2012) - Annual survey: asset management and Private banking Registrazione presso il Tribunale di Milano No. 577 del 7/8/1987 • L O M B A R D • 5