Italy
Paper looks at macro-prudential impact on mortgage affordability
Working paper assesses how macro-prudential policies influence the share of households that can “access and sustain” a mortgage at different loan-to-value ratios
Small and medium eurozone banks must assess business models, Lautenschläger says
Smaller financial institutions need to examine their business models in detail, eurozone regulator says; SSM wants harmonised treatment of institutional protection schemes
ECB’s liquidity provision had ‘highly uneven effects’ on interbank markets, paper argues
ECB emergency liquidity provision had very different effects on stressed and non-stressed interbank lending markets; paper reconstructs interbank lending from Target2 database
Italian banking episode shows supervision working well, Nouy says
Handling of problems with Italian banks shows regulators have the right systems in place, Danièle Nouy says; there might be skeletons, but they are ‘not in the cupboard’
Chance to ‘review’ BRRD must be seized, says Visco
Italian governor criticises the application of the Bank Resolution and Recovery Directive (BRRD); the transition was too hasty and reform may be needed, he argues
Market fears endanger Italian and Portuguese bank sell-offs
Recent measures by the Bank of Portugal, as well as market fears about the quality of Italian banks’ assets, may discourage investors from buying Italian and Portuguese bridge banks
Bank of Italy outlines downside risks as inflation falls
Annual HICP inflation fell to 0.1% according to December estimate, just below eurozone average; Bank of Italy warns that international situation poses ‘significant risks’ to European recovery
Draghi calls for action on non-performing loans
Eurozone countries need wide-ranging reform of their systems for dealing with non-performing loans to stimulate the supply of capital to business, Mario Draghi says
Italian deputy governor warns on hurdles to capital markets union
The senior deputy governor of the Bank of Italy says capital markets union is necessary for the European economy but faces considerable obstacles
Advice can affect clients' mortgage choices, says BIS paper
Banks may ‘steer’ households towards certain mortgage types; distorted information has a stronger affect when prices are not adjusted
Historical data supports fiscal theory of the price level, Bundesbank paper argues
Data from the US, Germany and Italy give policy-makers useful data on the long-term influence of fiscal policy on inflation, a Bundesbank discussion paper argues
Main threat to stability from low growth, says Italian deputy
Fabio Panetta says there is ‘broad agreement’ the main danger to financial stability in the eurozone stems from low growth; credit growth ‘remains subdued’
Visco questions sufficiency of five presidents’ report
Italian governor stresses progress ‘on the side of the political union’ should be considered sooner rather than later; broadly supports direction of roadmap
Italian NPL legislation should shorten bankruptcy proceedings, paper says
Legislation recently passed by the Italian parliament should shorten bankruptcy proceedings and may stimulate a private market for Italy’s non-performing loans, a Bank of Italy paper argues
Italian paper explores wage and unemployment relationship
Occasional paper stresses the choice of measures for the change in wage rates has ‘important consequences for the results’
Bank of Italy sees credit conditions improving
Economic bulletin notes the ability of banks to borrow cheap funds from the ECB is helping improve conditions, but stock of NPLs is still holding back lending growth
IMF paper identifies countries that ‘pass through’ spillovers
Individual countries can amplify, absorb or block spillovers, depending on their economic and structural characteristics, researchers at the IMF find
Rossi calls on supervisors to ‘build a real single house’
Senior deputy governor at the Bank of Italy stresses the importance of harmonising supervisory practices across the eurozone to ‘exploit the potential’ of the SSM
IMF researchers add eurozone detail to fund’s global projection model
Working paper adds ‘blocks’ for Germany, France, Italy and Spain to the model in an effort to capture the dynamics in the eurozone in greater detail
IMF research looks to jumpstart market for Italian NPLs
Nadège Jassaud and Kenneth Kang discuss their strategy for fostering a market for non-performing loans with Central Banking, stressing the need for ‘decisive action’
Italian paper: Reforms could lead to earlier exit from ZLB
Working paper examines the impact of competition-friendly reforms in the service sector across the eurozone, finding it could help boost inflation providing investment responds
Visco highlights ‘inadequate’ stock of human capital in Italy
Bank of Italy governor calls for better education and training to help develop the ‘right skills and capabilities’ necessary for the country to achieve higher growth
Visco calls for ‘block disposal’ of impaired assets
Bank of Italy governor laments growing stock of NPLs in country’s banking system; calls for ‘active management and recovery procedures’ to address it
Monte dei Paschi’s shares plummet in wake of ECB results
Shares in Italy’s third-largest bank drop by 20% as the market reacts to stress-test results; MPS claims it was ‘penalised’ by methodology