1998 - 2007

DB in Italy

DB in the world

  • 2001 Deutsche Bank was listed on the New York Stock Exchange
  • 2002 The Private & Business Clients (PBC) and Private Wealth Management (PWM) business lines were launched

Scenario

The Italian Consolidated Finance Act (Testo Unico della Finanza or TUF) came into force on 1 November 1998. In the following year, the euro was launched with European monetary union. As the year 2000 approached, the "prophecies" about the so-called "Millennium Bug" gained more and more credence, so that to prevent the predicted risks, companies and institutions around the world committed substantial resources to safeguard their computer systems. In December 2000, the European Financial Planning Association (EFPA) was established. On 11 September 2001, the terrorist attack on the Twin Towers in New York hit the West; the New York Stock Exchange closed for a week. At the end of that year, the so-called "new economy" bubble burst. In 2002, the euro came into effect, with an exchange rate of 1936.27 against the lira. For Italy, these were the years of the Cirio collapse (2002) and the Parmalat "black hole", which was the biggest scandal in Europe at the time, impacting millions of savers. In 2003 Berlusconi launched the second part of his tax shelter measure. In 2007, Italy transposed the Markets in Financial Instruments Directive (MiFID), which harmonised the European judicial framework for financial consultancy, while the international market was shaken by the subprime effect.
The European Union opened to 12 new States (2004 and 2007) and the Lisbon Treaty was signed in December 2007.
Meanwhile, Sergey Brin and Lawrence Page founded Google and launched Wikipedia, and in 2004 Mark Zuckerberg founded Facebook. Oscar Luigi Scalfaro left the Quirinale to Carlo Azeglio Ciampi, while Putin and George W. Bush became presidents of Russia and the USA. In 2005, Angela Merkel became the German Chancellor, and in December of the same year Mario Draghi was appointed Governor of the Bank of Italy.

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Last Update: March 29, 2017
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