BIS central bankers’ speeches  3  Together with the fragmented nature of Italian industry, uncertainty over the enforcement of contracts (due to the slowness of civil justice), corruption and public sector inefficiency are taking a toll on foreign direct investment in Italy.
Only some years ago, macro-stress tests were pre-dominantly focused on real shocks and its impacts on the stability of the banking system, while now most shocks have been stemming from the financial sector. My third brief remark is focused on the unexpected and high vulnerability of countries. This has been also true for those countries with a stable and sound macroeconomic framework.