Systemic risks can emerge even when financial institutions manage their risks in a way that looks appropriate from their individual perspective. Given the interconnectedness in highly developed financial systems, the behaviour of financial institutions – especially systemically important ones – can have an impact on other financial institutions and the financial system as a whole.
At a higher level there is the proposal of the Joint Parliamentary Committee on constitutional reform for the Bank of Italy to be given constitutional status by affirming the central bank’s independence and autonomy in the performance of its monetary and supervisory functions in the Constitution.