What do banks and public service media (PSM) have in common? According to the RAI President, Anna Maria Tarantola, both are built on a relationship of trust.

Mrs Tarantola, who joined RAI from the Bank of Italy, was speaking in Turin, at the first-ever Prix Italia-EBU Journalism Summit. She told her interviewer, Vision2020 Project Manager Ruurd Bierman, that banks and public service broadcasters would collapse without trust.

“If viewers do not trust RAI,” said Mrs Tarantola, “they will watch another channel.”

Distinguished speakers from television, radio and newspapers agreed that public service journalists only earn the trust of their audiences because they embrace ethical values. In many ways it is their visiting card.

In a keynote speech, EBU President Jean-Paul Philippot said he was proud that EBU Members had unanimously adopted a set of Core Values of Public Service Media (PSM). These values serve as the foundation for redefining the compact of trust between EBU Members and their audiences.

Mr Philippot stressed that only PSM embrace all six of the core values of universality, independence, excellence, diversity, accountability and innovation. It distinguishes PSM from their competitors and is of critical importance to their news activities.

Indeed, it was for this reason that the EBU produced a set of Editorial Principles. These principles are at the heart of editorial strategies that aim to renew and reinforce the bonds of trust between audiences and PSM.

The President and CEO of France Télévisions, Rémy Pflimlin, argued that being true to these values is incompatible with chasing high audience ratings. Focusing on quality means never dumbing down or behaving like commercial broadcasters.

Other speakers identified factors that create trust, as well as strategies for growing new relationships and ensuring that they last. Ferruccio de Bortoli, Editor of Italy’s Corriere della Sera newspaper, emphasized the importance of tradition.

For this reason, Mr de Bortoli had spoken out against the RCS publishing group’s plans to sell the newspaper’s historic Milan headquarters in via Solferino. The offices, which the Corriere had occupied for 100 years, reflect everything that the newspaper stands for, he said.

The power of tradition ensures that journalists feel the responsibility to deliver high quality content to their readers. Not only the financial recession, but also the practice of updating websites quickly and cheaply, threatens the future of quality journalism.

“Publishers struggle to survive, but if they keep cutting costs, therefore affecting quality, they will come closer to their extinction,” warned Mr de Bortoli.

The BBC’s decision to invest one billion pounds to create a state-of-the-art newsroom in its historic home at Broadcasting House, in central London, underlined the importance of building for the future while respecting the values of tradition. Fran Unsworth, the BBC’s Deputy Director of News and Current Affairs, also highlighted the values of impartiality and independence.

Swedish Radio’s (SR) Director-General, Cilla Benkö, revealed that her organisation invested 120 million SEK (around 14 million euros) annually in training and innovation. SR learned how to listen and interact with its audience, not only via social media platforms, but also by recruiting journalists from diverse backgrounds to reflect Sweden’s multicultural values.

Moreover, SR made all of its content freely available to everyone - from national newspapers or private citizens - to embed on their websites or blogs.

These strategies together paid handsome dividends; a Eurobarometer survey shows that four out of five Swedes trust the radio. This is the highest trust rating of any single medium in any of the EU member countries.

Several speakers underscored the need for PSM to focus on being more efficient internally and more pluralistic in terms of their coverage and output. PSM has to assume their duties and obligations.

Mr Philippot said the Greek tragedy illustrates the dangers of what can happen when neither governments nor PSM fully assume their responsibilities.

More than 100 representatives of PSM attended the one-day summit “Journalism in the Multimedia Era: How to Build Trust”. The Secretary-General of the Prix Italia, Giovanna Milella, and the EBU Media Director, Annika Nyberg-Frankenhaeuser opened the EBU Media Strategy-curated event.

The Prix Italia is one of the longest running and most prestigious international competitions showcasing outstanding radio, TV and web content in the categories of drama, documentaries, music and artistic representations. More than 90 public and private radio and television broadcasters representing five continents, will compete this year for honours.