In Italy the use of bond covenants is restrained by the predominance of SMEs, the significant role of relationship banking, the high costs related to public placements, the lack of investors‘ financial culture, the low amount of loans normally requested by each firm and the lack of liquidity...

This paper aims to stress the importance of market liquidity for the stability of the financial system, emphasizing the pivotal role played by liquidity risk in the development of the current financial crisis, pointing out the flaws of regulation and supervision and stressing the need for their...

The development of a long lasting relationship between banks and firms requires greater cooperation between the two parties, which must be based on transparency, availability of the right quantitative and qualitative information, the correct and complete use of these information by banks, in...

The crisis has strongly influenced the funding policies in Italian banks, pushing them to raise their stock of time deposits, an attractive product for retail customers in terms of low issuer risk and no market risk

In 2011, Italian businesses and households have faced the Sovereign debt crisis, but savings confirmed its resilience. Since the beginning of the crisis, Italian households’ propensity to save has fallen nearly 1.8 percentage points, although Italy continues to rank above most other...

Establishing a European Banking Union offers clear opportunities: to break bank-fiscal interactions, national supervisory silos and home biases, to reduce fragmentation and improve single market, to stabilize the euro. Nonetheless it involves also risks related to the crisis management...

The proposal for a Directive and the related impact study presented by Ec in 2012 have the purpose to reorganize the financial systems crisis regulation, with particular emphasis on bank recovery and resolution. The new harmonized rules identify three groups of measures relating to prevention,...

The Banking Union aims to design a single banking supervision mechanism to prevent banking crises or, when a crisis occurs, to avoid it becomes systemic. The pillars of the Banking Union are: a single rulebook for financial institutions in the European market, the strengthening of deposit...

Under-capitalization of Italian small and medium entreprises is a key weakness factor and a clear priority. New financial instruments and policies can give a substantial help

Italian and European banks are moving in the same direction towards the need to strengthen capital, to re-engineer networks as a consequence of a transactional activities’ reduction, to supply low-cost and simple services, to adapt to technological innovations. In particular, mobile banking...