(Finance) – The meeting was held today at the headquarters of the Bank of Italy in Rome. First meeting of the Macroprudential Policy Committeeestablished pursuant to Legislative Decree no. 207 of 7 December 2023. Its creation implemented a recommendation of the European Systemic Risk Board (ESRB), also establishing a committee in Italy in which the various authorities involved in safeguarding the stability of the national financial system participate.
The meeting was attended by the Governor of the Bank of Italy Fabio Panettawho chaired it, the President of the National Commission for Companies and the Stock Exchange (Consob) Paul Savonathe President of the Institute for Insurance Supervision (Ivass) Louis Frederick Signorinithe Acting President of the Supervisory Commission on Pension Funds (Covip) Francesca Balzani and the Director General of the Treasury Richard Barbieri Hermitte.
At the beginning of the meeting the draft of the r was discussedinternal regulation of the Committee, which will be approved and published in the next few days.
Subsequently, the risks to the stability of the Italian financial system were discussed. In particular, the risks deriving from the national and international economic situation, the evolution of real estate markets in various countries and the trend of conditions on financial markets were examined; the dynamics of investments in certificates by Italian families were also analyzed. Overall, the Committee’s assessment is that the risks to financial stability in Italy are currently containedThe main elements of vulnerability are attributable to the possible worsening of ongoing conflicts, to a lower-than-expected dynamic of economic activity and to changes in investors’ perception and attitude to risk.
The discussion then continued with the illustration by the Authorities of the measures and initiatives having macroprudential relevance recently adopted or in the process of being adopted. With reference to the banking sector, in particular, the analyses conducted by the Bank of Italy to support decisions on macroprudential capital buffer adopted by it since last autumn.