The high level of NPLs, a weakness more typical of the Italian banking system than of others, is being assessed by market analysts as well. Some describe the phenomenon as still growing, others suggest that it is underestimated in publicly available data. Given the importance of the questions raised, they deserve satisfactory answers.
With regard to crisis management, the adoption of the Memoranda of Understanding on cooperation between central banks, banking supervisors and, more recently, ministries of finance, has been a major accomplishment. Work to carry out simulation exercises to test these arrangements is already underway. III.