4  These observations regarding the ability of firms to finance themselves in the post-crisis landscape emphasize the importance of facilitating the growth of market finance. Apart from filling the void created by the contraction of the banking system, more developed market-based finance and the accompanying financial diversification will enhance the stability and the efficiency of both the financial system and the real economy.
Indeed, the complementarity of bank and non-bank finance and the need to further develop the latter have long been emphasized by Banca d’Italia and other European institutions, which have long encouraged efforts in that direction.