Our role

The Committee is the independent authority designated to conduct macroprudential policies in Italy, pursuant to Recommendation 2011/3 of the European Systemic Risk Board (ESRB). It contributes to safeguarding the Italian financial system by preventing or mitigating risks that could jeopardize its stability. In this way, the Committee supports the sustainable contribution of the financial sector to economic growth.

In order to achieve this objective, the main functions of the Committee, without prejudice to its members' existing powers and responsibilities by law, are:

  • analysing the risks to the stability of the financial system as a whole and defining strategies and intermediate objectives to achieve this, having the authority to report to the Italian Government, publicly or confidentially, on systemic risk;
  • addressing recommendations to its member authorities;
  • reporting to the Parliament, the Government, other authorities, public entities and State bodies on the advisability of adopting measures, including regulatory ones, to safeguard the stability of the Italian financial system;
  • formulating opinions on proposals for regulatory acts that are relevant to its objectives;
  • developing and implementing methodologies and procedures for identifying systemically important financial institutions and structures, without prejudice to the related powers conferred on the individual authorities participating in the Committee by their respective sectoral regulations;
  • assessing, for the purposes of EU Regulation 2016/11 (Benchmark Regulation - BMR), whether a fallback benchmark originally agreed for a credit or financial instrument no longer reflects, or reflects with significant deviations, the market or economic reality that the benchmark to be phased out was intended to measure, and whether the application of such a fallback provision could pose a threat to financial stability.

In addition, the Committee, through its member authorities, may request data and information necessary to carry out its tasks from public and private entities that engage in activities related to financial stability, even if they are not subject to supervision.

The Committee meets at least twice a year and publishes its decisions and the minutes of its meetings, unless doing so would pose a risk to financial stability. It submits a report on its activities to the Government and Parliament by 31 March of each year.