In recent years the exceptionally low level of risk premiums and of interest rates, the abundance of finance in the form of both loans and other financial instruments, and the large volume of firms’ internally generated funds may have softened the effects of structural disparities, which could re-emerge in the presence of less favourable economic and financial conditions.
At the same time, however, the structure of the Italian economy is becoming more robust. The consolidation of the credit system has given birth to large banks capable of operating on a range of markets. The improved efficiency of intermediaries and the considerable lengthening of corporate debt maturities have removed earlier weaknesses.