A number of concrete measures have already been taken around the world to set up an appropriate institutional framework for systemic risk analysis and macro-prudential policy-making. Given, however, that we are currently in the “infancy” of macro-prudential policy-making, the evolving institutional framework still varies quite substantially across jurisdictions.
The structural contraction in the volume of assets in some capital market segments has brought a permanent decline in income. In the closing months of 2010 the main Italian banking groups’ net liquidity position one month ahead remained positive, on average, but shrank.