In BIS central bankers’ speeches  5  turn, banks’ difficulties hit Italian firms strongly as they are generally more dependent on bank credit and less capitalized than their European counterparts. By favouring access to non-bank financing, CMU can complement legislative measures adopted over the last few years that are underpinning progress towards a stronger financial structure for Italian firms.
The use of banks’ own models in the measurement of market risk is one example. Increased emphasis on the role of disclosure is another. These developments recognise that, as banks’ activities become increasingly complex and change occurs with ever greater rapidity, it becomes more and more difficult to place reliance on detailed rules.