Dear Readers,

we have read a lot about the topic "Italy" in the last days.

Lucas Daalder, Robeco's chief investment strategist, wrote a very good summary.

Of particular interest is his analysis of the distribution of Italy's public debt. Contrary to what is often said, Italy is obviously not primarily indebted to its own countrymen. Major creditors are foreigners (35 per cent) and central banks (just under 20 per cent)

This underlines Italy's potential for blackmail in the negotiations with the other euro countries. Political stock markets may have short legs. In the long term, the path to a transfer union, which is also discussed in the current issue of private wealth (see Lerbacher Runde, page 57ff.), is a danger that should not be underestimated.