Professor John Wilson at Banca d’Italia
Professor John Wilson, Head of the Business School’s Department of Finance and Director of the Centre for Responsible Banking and Finance, delivered a keynote address at the Cooperative Financial Institutions in the XXI Century conference, hosted by the Banca d’Italia in Rome on 8 October. Jointly organised with Università Cattolica del Sacro Cuore, the event brought together leading international experts to discuss the future of cooperative banking in the global financial system.
Speaking to an audience of academics, regulators and policymakers, Professor Wilson examined the evolution, distinctiveness and resilience of cooperative banking organisations and their role in promoting inclusive and sustainable economies.
He highlighted the global scale of the cooperative sector, noting that cooperative banks in Europe now serve around 90 million members and hold €9.6 trillion in assets. At the same time, credit unions worldwide serve more than 400 million members with assets exceeding $3.7 trillion. Originating in 19th-century Germany, these institutions have evolved to suit different economic and cultural contexts across Europe and North America. Their federated networks, particularly in countries such as Austria, France and the Netherlands, allow them to achieve scale and stability while maintaining local focus and cooperative values.
Professor Wilson’s address also examined current challenges, including access to capital, governance complexity, and the rapid pace of technological change. Drawing on decades of research, he shared evidence of the sector’s growth, efficiency and resilience, showing that larger and younger organisations tend to perform better, while mergers yield mixed results and diversification has uneven effects across regions. He also pointed to findings from recent Italian studies indicating that cooperative banks strengthen local economies and help reduce income inequality more effectively than their commercial counterparts.
Professor Wilson said:
“It was an honour to be invited to speak at the Banca d’Italia and to contribute to such an important international discussion. Looking ahead, there is a clear need for continued research to understand how digital innovation is reshaping cooperative models and whether they remain true to their founding purpose of serving members and communities.
“We must keep asking: Do cooperative financial institutions serve their members, and how do we measure that? The cooperative model has endured because it is rooted in trust, participation and shared purpose. As the financial landscape changes, that ethos of mutual benefit and community resilience must continue to guide their evolution.”