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2021 Report on trends and risks of the Italian financial system in a comparative perspective
Trends and risks of the Italian financial system



The Report analyses trends and risks of the Italian financial system in a comparative perspective, also with regard to the developments that can affect the achievement of CONSOB remit. This Report examines trends and vulnerabilities in the context of the Covid-19 crisis.


Covid-19 and the economic situation
During the first half of 2021, in developed countries progress in Covid-19 vaccination campaigns, ... more
The rebound in stock prices
The first half of the year saw a recovery in equity indices in the major advanced economies, ... more
The sovereign and corporate bonds
Non-equity markets keep experiencing tranquil conditions, ... more
Vulnerabilities of major listed non-financial companies
Large non-financial listed companies recorded a sharp drop in revenues, ... more
Capital adequacy of European banks
Banks in major European countries experienced a decline in income margins due to both the persistent low interest rate environment and the declining operating efficiency, ... more
Wealth of Italian households
The gross savings rate of Italian households experienced a sharp increase, ... more
Trading activity by Italian retail investors
Trading activity on financial instruments by Italian retail investors has intensified, ... more
Crypto assets
Interest in crypto assets has grown significantly, especially among the youngest, ... more
Finance supporting sustainable development
Transition to a sustainable development model is a top priority, ... more

The Report was prepared by:
Nadia Linciano (coordinator) - CONSOB, Head of the Economic Studies, Research Department (
Valeria Caivano - CONSOB, Research Department (
Daniela Costa - CONSOB, Research Department (
Francesco Fancello - CONSOB, Research Department (
Monica Gentile - CONSOB, Research Department (

Lucia Pierantoni contributed to the analysis relative to bond markets and Italian banks (Sections 4 and 7). Francesco Scalese contributed to the analysis of trading activity of Italian retail investors (Section 7).
The opinions expressed in the Report are the authors' personal views and are in no way binding on Consob.  


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