Just as the Chamber of Commerce President had said, if the repayment cycle for international transactions were shortened from one or two months to a week, trade volume would very likely grow by a third in a short time—or even more!
Baron Luciani nodded. Just as he was about to announce the start of discussions on the specifics of joining the European Settlement Bank, Fornovo, the owner of Parma's largest Discount Bank, rose to his feet and said coldly:
"I think everyone is being far too optimistic.
"This settlement system will indeed bring convenience, but it will also place our banks and trade under the control of the European Settlement Bank!
"If one day they use the suspension of clearing applications as leverage against us..."
Palmieri immediately waved a hand and pointed at the business plan. "It clearly states here on page two—45% of the seats on the European Settlement Bank's board will belong to our country, and major decisions regarding daily operations require the approval of 80% of the directors."
Joseph understood full well the importance of "democracy" in international affairs, so from the very beginning, he had stipulated that the European Settlement Bank would be jointly owned by all member states, with France holding only slightly more seats.
Fornovo glanced over that provision, then shouted at the Minister of Finance, "Look, our country will also have to bear 45% of the European Settlement Bank's startup costs. That simply isn't worth it."
He then looked toward the senior bank executives present. "When the time comes, all of you will have to pay security deposits or pledge assets to the European Settlement Bank, while also submitting to their supervision. Are you really willing to accept that?"
His words immediately made several people hesitate.
Under Fornovo's deliberate guidance, the meeting that