The ongoing labor dispute at the Milan Stock Exchange between unions and management has caught the attention of many due to its political dimensions. On June 27, three major unions, including Borsa, which is part of the Euronext stock exchange, called for a strike, with plans for further actions in mid-July. This marks the first strike in the history of the Milan stock market.
The Italian government is closely monitoring the situation. Industry Minister Adolfo Urso and Economy and Finance Minister Giancarlo Giorgetti are both keeping a close eye on developments. The unions have raised concerns about job relocation, overtime, and governance issues within the organization. However, Euronext denies these allegations and is prepared for a constructive dialogue with the unions.
The integration of Borsa into Euronext has led to new job opportunities but also a loss of autonomy for Milan. The responsibility of Euronext Clearing has been extended to financial and commodity derivatives, with plans to expand the Italian presence within the Euronext Group. Italian shareholders such as Intesa Sanpaolo and Cassa Depositi e Prestiti have a say in the organization’s decision-making process.
The sale of the Milan Stock Exchange to Euronext has faced criticism from some quarters who are concerned about French influence in Italy’s financial industry. Minister Urso had opposed the sale, advocating for offers from other exchanges. However, given that France is part of Euronext’s parent company Paris Euroclear SAE Societe Anonyme de Participations et d’Emissions de Titres Mobiles (Paris CAC), there are fears that French influence may be too great in Italy’s financial sector. Prime Minister Giorgia Meloni is closely following the situation and could face political implications given her strained relationship with French President Emmanuel Macron.
Overall, this labor dispute highlights broader concerns about autonomy and governance within multinational organizations like Euronext that operate across multiple countries and markets. It also underscores ongoing tensions between Italy and France over issues related to economic integration and sovereignty in Europe’s financial sector.
