## Italy: Financial Sector Assessment Program

_IMF Staff Country Reports, July 24, 2026_

## Source details

**Canonical URL:** [Italy: Financial Sector Assessment Program](https://www.imf.org/en/publications/cr/issues/2026/07/23/italy-financial-sector-assessment-program-577973)

## Other formats

- [Markdown version](/en/publications/cr/issues/2026/07/23/italy-financial-sector-assessment-program-577973/index.md)
- [Structured JSON version](/en/publications/cr/issues/2026/07/23/italy-financial-sector-assessment-program-577973/index.json)
- [Bundle manifest](/en/publications/cr/issues/2026/07/23/italy-financial-sector-assessment-program-577973/bundle-manifest.json)

## Bibliographic details
- Published: July 24, 2026
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229054331.002

---

### Key findings: financial system resilience and banking sector
- Italy’s financial system remains broadly sound and has demonstrated resilience in a challenging macrofinancial and geopolitical environment.
- Since the 2020 FSAP:
  - banks have rebuilt capital,
  - achieved record profitability,
  - strengthened balance sheets, and
  - advanced consolidation.
- Sovereign market sentiment has improved, supported by expectations of fiscal discipline.

### Risks and constraints
- Important structural constraints persist:
  - high public debt,
  - weak potential growth, and
  - adverse demographics.
- These constraints weigh on the medium-term outlook and limit policy space.
- External risks are rising, with heightened global tensions—including the war in the Middle East—posing challenges for a trade-oriented, energy-importing economy.

### Subject classification and keywords
- Subject: Credit, Financial sector policy and analysis, Financial sector stability, Money, Stress testing
- Keywords: -flow-based liquidity stress tests, bank stress tests, Credit, Europe, Financial sector stability, financial system structure, Global, interest rate, Middle East, sovereign-bank nexus, Stress testing

---

## Content in this bundle

- **Italy: Financial Sector Assessment Program; IMF Country Report No. 26/194; June 30, 2026**
  - [Italy: Financial Sector Assessment Program; IMF Country Report No. 26/194; June 30, 2026 (Markdown version)](/-/media/files/publications/cr/2026/english/1itaea2026003.pdf.md){rel="alternate" type="text/markdown"}
  - [Italy: Financial Sector Assessment Program; IMF Country Report No. 26/194; June 30, 2026 (PDF)](/-/media/files/publications/cr/2026/english/1itaea2026003.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2026/07/23/italy-financial-sector-assessment-program-577973_