Financial globalization has brought substantial benefits, such as more efficient intermediation of savings and risk-pooling, but it has also made the global system more vulnerable. The sovereign debt strains in the euro area reflect the impact of the financial crisis on some countries’ banking systems and public finances as well as pre-existing vulnerabilities, which for Italy consisted in slow growth and high public debt.
In January 2012, the Shanghai People’s Government Financial Delegation led by the Vice-Mayor, Mr. Tu Guangshao visited AMCM. Consensus was arrived at in promoting financial cooperation between the two regions.