In view of the opportunities and risks that this development entails, I shall also address supervisory issues, the new legal framework established recently with the consolidated law on financial markets and the need for closer and more effective cooperation between authorities, both in Italy and in international fora. 2.
Asset management in the industrial countries The rapidity of the growth of the international asset management industry is reflected in the share of the financial instruments it offers in households’ portfolios and the importance of institutional investors.