This has several determinants: the types of foreign intermediaries, their business model, their objectives, their results and the impact on prices. The Bank of Italy is following these matters closely; indeed, it could not do otherwise.
January 2021. European Systemic Risk Board (2021). Report of the Analytical Task Force on the Overlap between Capital Buffers and Minimum Requirements. December 2021. European Systemic Risk Board (2022a). Warning on Vulnerabilities in the Union Financial System. ESRB (Europäische Ausschuss für Systemrisiken)/2022/7. September 2022. European Systemic Risk Board (2022b).