16 Even if investment funds are small and thus not “too big to fail”, they may be “systemic as a herd”, and pose a risk to financial stability due to common exposures to the same type of shock. 17 Next to tools addressing excessive leverage, we need to develop tools targeting liquidity in non-bank financial institutions.
In addition, a thorough analysis of the public accounts demonstrated […] a worsening with respect to the projections’. The objective, however, remains unequivocal: ‘Italy’s participation as of 1 January 1999 in the third phase of the Economic and Monetary Union’.