ROMA (ITALPRESS) – Since last spring, the prices of the most risky assets in international financial markets have “notely risen” and “the volatility has returned to very low levels, despite the persistent uncertainty and geopolitical tensions”. The risk of “improve corrections has increased”, especially “when evaluations differ from economic fundamentals”, but “investors appear particularly confident, despite the high uncertainty of the global macroeconomic framework and the profound changes in geopolitical field”. It is the framework outlined by Bankitalia’s second Financial Stability Report of 2025.
In Italy, the risks for financial stability attributable to internal factors “permanence content”, while “the risks associated with international instability are not negligible”. The macro-financial framework “was overall stable compared to last April” and benefits “of moderate resumption of credit, labour income holding, low unemployment, prudent setting of budgetary policy, private debt content and net credit position on foreign countries”. The growth prospects “are however limited and subject to risks mainly linked to external factors”, the Report notes. “On the one hand, the holding of income from work, low unemployment, the net position on foreign widely credit and the private debt contained constitute elements of strength. On the other hand, the high public debt remains a vulnerability factor.
In order to ensure its significant reduction in product ratio, it will be necessary to combine concrete actions to support growth with the maintenance of the prudent management of public finances, one of the factors behind the recent revisions to the rise of the credit merit of the country”.
For families “the risks remain contained”. Uncertainty on economic prospects “is reflected on a propensity to savings still higher than the previous levels of pandemic”, says Bankitalia. “Despite the acceleration of credit, indebtedness in relation to income continued to decline, leading to historically low values. The dynamics of loans mainly reflect that of loans, mainly paid at a fixed rate.” For enterprises, the financial conditions of the enterprises “are altogether good, supported by profitability and a debt that has continued to shrink in relation to GDP”.
Also the credit “ showed signs of recovery, after a phase of contraction started in 2023”. The growth “was driven by large enterprises, but it has also been observed for the more solid ones among minors”. Overall, “the financial conditions of enterprises remain good, supported by profitability and indebtedness that continued to fall in relation to GDP”. The trend of credit so far has “responsible for the raising of US duties”: Since the end of last year, Bankitalia notes, the demand for loans from companies operating in the sectors most exposed to trade tensions with the United States has been “only slightly lower than that relating to the rest of the economy”.
The conditions of the banking system “are overall solid. Market indicators remain favourable and better than those of the main intermediaries in the euro area. The profitability, still high in the current year, is expected in moderate decrease in the next two years”. For the insurance sector, “the balance sheet has strengthened. It continued to improve profitability and liquidity conditions, favoured by the significant increase in premium collection and the decrease in redemptions”.
– Photo IPA Agency –
(ITALPRESS).
