By Laura Contemori – ROME (Econostream) – Italy’s Committee for Macroprudential Policies said Thursday that the financial position of the country’s banks, households and firms remained sound overall, while the main risks continued to stem from a highly uncertain international environment.

Following a meeting chaired by European Central Bank Governing Council member Fabio Panetta, who heads the Bank of Italy, the committee said banks, households and firms “are still exposed to global geopolitical risks.”

“In recent months, the financial markets have continued to function in an orderly fashion,” it said.

Global stock-market valuations remained elevated, particularly in the technology sector, while rapid advances in artificial intelligence were creating opportunities for financial operators but also heightening operational and cyber risks, the committee said.

Italian authorities were closely assessing those risks and had drawn them to the attention of supervised intermediaries, it said.

The committee said it continued to monitor household investments in certificates, which it described as “highly complex instruments that may expose holders to the risk of material losses.”

Household holdings of certificates remained broadly stable in the second half of 2025, albeit at high levels, it said.

The committee was also briefed on work by an Italian Ministry of Economy and Finance working group examining household investments in crypto-assets. It discussed possible national and EU initiatives to improve information about the placement of such instruments.

Members also examined an analytical and operational framework concerning benchmarks used in financial contracts, which is expected to be completed in the second half of 2026.

The committee considered how to implement preliminary recommendations prepared by the International Monetary Fund under its Financial Sector Assessment Program for Italy.

The meeting was also attended by CONSOB Acting President Chiara Mosca, COVIP President Mario Pepe, IVASS President Paolo Angelini and Treasury Director General Riccardo Barbieri Hermitte.