Legislative Decree 207/2023 instituted the Committee for Macroprudential Policies (Comitato per le politiche macroprudenziali). The legislative decree implements a recommendation of the European Systemic Risk Board (ESRB) by forming a committee comprised of the various authorities involved in safeguarding the stability of the national financial system. In the pursuit of its objectives, the Committee acts independently, including in defining its own operating rules.

The Committee's members are the President of the Italian Companies and Stock Exchange Commission (Consob), the Governor of the Bank of Italy, who chairs it, the President of the Institute for the Supervision of Insurance (IVASS), and the President of the Italian Pension Fund Supervisory Authority (Covip), representing their respective authorities. The Director General of the Treasury attends the Committee's meetings, without voting rights.

The Committee's mandate

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 legislation pertinent 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 sector's regulations.

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 not subject to supervision.

The Committee shall meet at least twice a year and shall publish its decisions and the minutes of its meetings, unless doing so poses a risk to financial stability. It is required to submit a report on its activities to the Government and Parliament by 31 March of each year.

Press releases and other documents related to Committee's meetings will be available below.