We see a decline of the sectorial model and a growing diffusion of the others, especially the integrated model. The increasing integration between financial intermediaries and activities, coupled with the consequences of the global financial crisis, has pushed more and more countries towards some consolidation of agencies.2 In Italy, as I said before when commenting on Table 2, a hybrid model applies.
The various authorities involved in regulating and supervising the financial system have mostly sectorial dividing lines: the Bank of Italy for the banking sector, Ivass for the insurance sector, and Covip for pension funds, all of them involved in both prudential supervision and consumer protection.