This paper evaluates the social impact of a football club and its philanthropic organization on the local community and its stakeholders, namely supporters, sponsors, players, and shopkeepers. The methodology used is the Social Return on Investment (SROI). SROI methodology includes all the beneficiaries that are beyond the scope of the company’s accounting and its fiscal and financial statements. The aim is to assess both the benefits and the negative impacts of a company’s activities on stakeholders. This type of analysis combines the use of qualitative, quantitative and financial information gathered and analyzes them in order to estimate the amount of “value”, including mental health and well-being, created or destroyed by a business activity, by a project or by the overall operation of an organization. The sport club under review in the present analysis is called Virtus Entella, an Italian football club playing in the second division. An SROI indicator was applied in reference to the business activity that took place during the championship season 2017/2018. Results show that the social impact created during the championship amounts to approximately 44 million Euro against a financial investment of 15 million Euro, producing an SROI ratio of 2.98:1. This outcome suggests that for every euro invested by the football club, about 3 Euros of social value is created.

In this paper we discuss some of the monetary policy issues that have involved major central banks worldwide since the 2008 financial crisis, and which remain open. We provide an excursus of the unconventional monetary policies adopted by central banks in the last decade, focusing on the European Central Bank and the Federal Reserve, and we discuss the rationale and efficacy of some unconventional monetary instruments, of inflation targeting and of central-bank independence. We also provide a perspective on possible future developments of monetary policy. We argue that while unconventional monetary policy was useful, there is still ample space for improvement: in the recessions to come, unconventional monetary policy will need to be better coordinated with fiscal, micro- and macro-prudential policies to provide more inclusive results that might positively affect the real economy beyond the financial system.