However, some other concerns about the transfer of credit risk outside the banking system seem to be based on questionable assumptions. For example, some observers believe that credit risks will be managed more effectively by banks because they generally are more heavily regulated than the entities to which they are transferring credit risk.
Mr Fazio gives an address on the Italian capital markets and the need for new strategies in Euroland  Address given by Mr Antonio Fazio, Governor of the Bank of Italy, at the Euromoney Conference, held in Rome on 23 November 1999.