---
title: "Perché una sconfitta di Sánchez sarebbe una cattiva notizia per von der Leyen"
type: commentary
locale: en
url: https://liminalfutures.com/press/mattinale-europeo-2026-san-marino-andorra
date: "2026-10-20"
canonical_url: "https://davidcarretta.substack.com/p/perche-una-sconfitta-di-sanchez-sarebbe"
summary: "Il Mattinale Europeo's briefing on the EU association agreements with San Marino and Andorra cites Liminal's essay on why San Marino took the step. A banking sector that grew on Italian deposits lost a third of its funding after Italy's 2009 tax amnesty, and its rescue cost the state a third of GDP."
---

# Perché una sconfitta di Sánchez sarebbe una cattiva notizia per von der Leyen

Type: commentary
Date: 2026-10-20
People: Gabriele Pizzi
Organizations: Liminal; Il Mattinale Europeo
Commentaries: San Marino Trades Rome’s Discretion for Brussels’ Rules

## Summary

Il Mattinale Europeo's briefing on the EU association agreements with San Marino and Andorra cites Liminal's essay on why San Marino took the step. A banking sector that grew on Italian deposits lost a third of its funding after Italy's 2009 tax amnesty, and its rescue cost the state a third of GDP.

## Work

In its section on the EU's associated neighbourhood, the briefing by David Carretta, Christian Spillmann and Oliver Grimm covers the association agreement and updated monetary agreements the Commission signed with San Marino and Andorra on 19 October 2026, and quotes Gabriele Pizzi, "ricercatore e partner di Liminal", on the reasons that pushed San Marino to the step: the agreement arrives at a turning point for the Republic's economy, whose banks grew for decades on Italian deposits drawn by bank secrecy, lost a third of their funding to Italy's 2009 tax amnesty, and cost the state a third of GDP to rescue.

## Sources

- substack: [https://davidcarretta.substack.com/p/perche-una-sconfitta-di-sanchez-sarebbe](https://davidcarretta.substack.com/p/perche-una-sconfitta-di-sanchez-sarebbe)

## Outputs

- Discusses San Marino Trades Rome’s Discretion for Brussels’ Rules

## Related

- Discusses [Gabriele Pizzi](/people/gabriele-pizzi)
- Discusses [Liminal](/organizations/liminal)
- Published by [Il Mattinale Europeo](/organizations/il-mattinale-europeo)