Sergio Nicoletti Altimari: The Italian financial system - stability, innovation, and the road ahead
Keynote speech by Mr Sergio Nicoletti Altimari, Deputy Governor of the Bank of Italy, at Villa Firenze Talks at Embassy of Italy to the United States, Washington DC, 20 April 2026.
Over the past decade, the Italian financial system has undergone a profound transformation. From the severe strains of the sovereign debt crisis to today's stronger conditions, banks and financial institutions have rebuilt resilience, improved efficiency, and adapted to a rapidly changing environment.
At the same time, new challenges have emerged, from geopolitical tensions, structural shifts in global finance, technological change and the need for deeper European integration.
In my remarks, I will briefly review some key aspects: the transformation of Italian banks, the evolving role of non-bank intermediaries and the risks shaping the outlook, before turning to the broader European dimension.
1. Italian banks: from crisis to recovery
The challenges of the past decade
In early 2010s, Italian banks were facing severe difficulties. The Global Financial Crisis and, even more so, the euro area sovereign debt crisis had taken a substantial toll. The sharp increase in Italian sovereign spreads hit banks directly, through their holdings of government bonds, and indirectly, via rating downgrades, higher funding costs and liquidity tensions.