Following the two PCAR reviews (March 2010 and March 2011), we had ensured that the banks secure sufficient capital to enable them to absorb the both expected and unexpected losses on distressed mortgages.
Furthermore, the tasks relating to monetary circulation and those regarding retail payment instruments have been integrated into a single directorate general, with an emphasis on technological developments. To support the financial system’s adoption of digital technologies and foster their safe use for financial stability purposes, the Bank of Italy has launched Milano Hub, its new innovation centre.