(AGENPARL) – Thu 04 December 2025 PRESS RELEASE
Rome, 4 December 2025
Meeting of the Committee for Macroprudential Policies
A meeting of the Committee for Macroprudential Policies was held today at the headquarters
of Banca d’Italia in Rome.
It was attended by the Governor of Banca d’Italia Fabio Panetta, who chaired it, the
President of the Companies and Stock Exchange Commission (Commissione nazionale per
le società e la borsa, CONSOB) Paolo Savona, the President of the Pension Fund
Supervisory Authority (Commissione di vigilanza sui fondi pensione, COVIP) Mario Pepe,
the President of the Institute for the Supervision of Insurance (Istituto per la vigilanza sulle
assicurazioni, IVASS) Luigi Federico Signorini, and the Director General of the Treasury
Riccardo Barbieri Hermitte.
The Committee discussed the risks to the Italian economic and financial system and
assessed that conditions remain generally favorable, albeit in a context still marked by high
global uncertainty. The prudent fiscal policy mitigates the risk that external tensions could
be amplified in our country.
In the past months, the yield spread between Italian and German government bonds has
continued to narrow, returning to levels observed before the sovereign debt crisis. The
financial position of households and firms remains broadly sound, as does that of banks and
other financial intermediaries.
The Committee continues to closely monitor the development of household investments in
certificates, i.e. highly complex instruments that may expose holders to the risk of significant
losses.
The risks associated with the spread of crypto-assets could increase due to growing
interconnections with the financial system and regulatory fragmentation at the international
level. At the initiative of the Ministry of Economy and Finance, an in-depth review has been
launched to assess the adequacy of existing safeguards for direct and indirect investments
in crypto-assets by retail investors.
The Committee has also reviewed the progress made in developing the analytical framework
that supports its tasks on benchmarks used in financial contracts.
Finally, the Committee started work on the preparation of the report on its activities in 2025.
The document will be submitted to the Government and Parliament and made public by next
March.
The minutes of the meeting will be published at a later date.