Despite the progress 9  made over the last few years, the role of capital markets is still too limited, also in comparison with the other large economies in continental Europe. Policies to support non-banking funding sources for firms should be pursued; banks can accompany and benefit from these developments by expanding and innovating the range of services provided.
Looking ahead, the biggest challenge is that of technology, which is drastically lowering the cost of transmitting, processing and storing information and favouring the development of new forms of financial intermediation.