Annual Report on 2025

The Committee for Macroprudential Policies met twice in 2025, on 13 June and 4 December.

At each meeting it examined the risks to the Italian financial system, assessing that its conditions are generally favourable, albeit in a context marked by high global uncertainty. The low risk premiums prevailing in international markets may in fact encourage economic agents to take on more debt and increase the likelihood of sharp drops in asset prices in the event of changes in investors' risk appetite. The financial situation of Italian households and firms remains sound overall. The banking sector can rely on high levels of capitalization and profitability. However, in an uncertain macroeconomic environment, there are still risks of a deterioration in asset quality. The insurance sector's solvency and liquidity ratios continue to improve. Risks in the asset management and pension fund sectors are limited. The prudent fiscal policy mitigates the risk that external tensions could be amplified in Italy.

The Committee also discussed initiatives under way to simplify financial regulation in the European Union. It reiterated that regulatory review actions should not trigger a phase of deregulation or departure from international standards and that they should be implemented in close coordination with the relevant authorities.

The Committee has been closely monitoring - and will continue to do so in 2026 - developments in household investments in complex or potentially very risky instruments, such as certificates and crypto-assets. These investments could in fact expose holders to significant losses and fuel bouts of distrust in the financial system. The Committee therefore welcomes and supports the analyses promoted by the Ministry of Economy and Finance on the adequacy of existing safeguards for investments in crypto-assets by retail investors.

Work began on preparing an analytical framework for carrying out the tasks entrusted to the Committee under the legislation on assessing the risks associated with the use of fallback provisions in index‑linked contracts and financial instruments. The Committee could be called upon to fulfil these tasks if an index of systemic importance for the European Union market were to be discontinued. The analytical framework will be finalized in 2026.

The Committee has not issued recommendations to its constituent authorities or reports on the appropriateness of adopting measures to safeguard financial stability, considering that the initiatives put in place by individual authorities in their respective areas of competence are appropriate. Depending on the evolution of the risks linked to the stability of the Italian financial system, the Committee stands ready to take action to limit them, if necessary, within the remit assigned to it by law.