Compared with the intermediaries of other countries, which rely more heavily on wholesale funding, our banking system benefits from a broad base of retail funding, which is relatively less sensitive to the volatility of the markets. Italian banks’ liquidity position, monitored constantly by the Bank of Italy, has remained balanced as a whole.
A drop in exports to Europe, which account for a large share of China’s overall exports, has been counterbalanced by increases in exports to other destinations. In 2012, the share of exports to the United States surpassed that of exports to Europe.