意大利银行在财务稳定方面发表了他的一半关系，这是全球市场不确定性的平衡

在4月初，美国政府宣布新职责引发了强烈的紧张局势：行动和债券记录了突然的折扣和波动性的增加

There Bank of Italy He has published his half -yearly relationship on financial stability, tracing a balance of growing uncertainty about global markets. At the beginning of April, the announcement of new duties by the US Administration triggered strong tensions: actions and bonds have recorded sudden discounts and volatility has increased, reducing expectations of world growth and raising systemic risks.

意大利银行在金融稳定性上发表了他的半年关系，追溯了对全球市场不确定性日益确定的平衡。在4月初，美国政府宣布新的职责引发了巨大的紧张局势：行动和债券已经记录了突然的折扣和波动性，增加了对世界增长的期望和增加系统性风险的期望。

In the report, however, it is highlighted that Italy starts from relatively solid fundamentals: a “lively” labor market (albeit with signals of slowing down), an inflation under control and a positive financial position towards abroad have in fact led to an improvement in the Italian sovereign rating.

然而，在报告中，有人强调，意大利始于相对稳固的基本面：“活泼”的劳动力市场（尽管信号降低了，但受到控制的通货膨胀以及对国外的积极财务状况实际上导致了意大利主权评级的改善。

The risks for financial stability in Italy in 2025: what Bankitalia says

2025年意大利的金融稳定风险：Bankitalia说什么

According to Bankitalia, overall i risks For the Italian system they remain moderate. Italian families show robustness: in 2024 aggregate financial wealth has increased and theaverage debt compared to income has droppedelements that at the moment limit their vulnerability (even if a possible braking of the economy could be crucial for reversing its trend). On the contrary, companies highlight signs of weakness: the overall profitability is falling and the ability to repay the debts has worsening, especially in the construction sector.

根据Bankitalia的说法，总的来说，我仍然有意大利系统的风险。意大利家庭表现出健壮性：2024年，财务财富的总和增加了，与收入相比，债务已下降，目前限制了其脆弱性（即使可能制动经济可能对扭转其趋势至关重要）。相反，公司强调了弱点的迹象：总体盈利能力正在下降，偿还债务的能力正在加剧，尤其是在建筑部门。

Italian banks remain in general solid: in the second half of 2024 profits and capital equipment remained high, a factor that strengthens the overall resilience of the system in case of shock.

意大利银行一般保持坚实：在2024年的下半年，利润和资本设备仍然很高，这一因素可以增强系统的整体弹性，以免发生冲击。

Certificates and computer attacks: the new vulnerabilities for Italian banks

证书和计算机攻击：意大利银行的新漏洞

The report underlines some emerging vulnerabilities. The IT and operational attacks aimed at banks were 119, a record level. At the same time, the share of complex financial products: about 85 billion euros are invested in certificateshigh -risk tools detained for over two thirds from retail investors.

该报告强调了一些新兴漏洞。针对银行的IT和运营攻击是119，是创纪录的水平。同时，复杂的金融产品的份额：大约850亿欧元被投资于散户投资者的三分之二以上的证书高风险工具。

This stock, the highest in Europe, and the increasing international commercial restrictions (although now we see signs of a certain rethinking by Trump) represent factors which, albeit so far well absorbed by the strong patrimonialization of the banks, require careful vigilance.

该股票是欧洲最高的股票，以及日益增长的国际商业限制（尽管现在我们看到特朗普重新思考的迹象）代表了因素，尽管这一因素迄今已被银行的强烈遗产所吸收，但需要仔细的警惕。

Cryptocurrencies: Bankitalia alarm on the risks for markets

加密货币：Bankitalia警报市场风险

In Bankitalia’s report there is an in -depth analysis of theevolution of cryptocurrencies and on the relative risks for stability. The overall crypt market touched about 2,750 billion dollars At the end of March 2025, after an acceleration linked to the US elections and the measures of the new US administration in favor of digital currencies called dollars. Of this total over 60% consist of bitcoin, about 30% from other currencies without underlying assets, while only 9% are made up of stablecoin hooked to traditional currencies.

在Bankitalia的报告中，深入分析了加密货币的进化以及稳定性的相对风险。截至2025年3月底，在与美国大选的加速和新美国政府的措施中，共同汇率为“ Dollars”之后，整个地穴市场在2025年3月底触及了约275亿美元。在总数超过60％的情况下，比特币组成，大约有30％的其他货币，而没有潜在的资产，而只有9％的货币由挂在传统货币上的Stablecoin组成。

Bankitalia warns that the rapid expansion of cryptocurrencies (whose value can swing a lot in a short time) involves “risks not only for investors, but potentially also for financial stability”.

Bankitalia警告说，加密货币的迅速扩张（其价值在短时间内可以大量摇摆）涉及“不仅对投资者有风险，而且可能对金融稳定的风险”。

The report also indicates that many Institutional investors (including banks, such as Intesa Sampaolo) have increased their exposure to cryptocurrencies: in particular, a high share of bitcoin is held by ETF broadcasters and by the treasures of non -financial companies, moved by the belief that the price of digital currency can rise. However, this strategy exposes them to the strong volatility of Bitcoin.

该报告还表明，许多机构投资者（包括银行，例如Intesa Sampaolo）增加了他们对加密货币的影响：特别是，ETF广播公司和非企业公司的珍宝持有很大的比特币，这是由于认为数字货币价格可以上涨的信念而推动的。但是，这种策略使它们暴露于比特币的强烈波动。

Another relevant component of the crypto risk derives from the regulatory factor: many exchange platforms and digital enterprises that hold cryptocurrencies are mainly based in the United States, China and the United Kingdom, with a still negligible presence in the euro area. This means that i Risks of governance And the protection of investors differ a lot between jurisdictions.

加密风险的另一个相关组成部分来自监管因素：许多持有加密货币的交换平台和数字企业主要基于美国，中国和英国，在欧元区的存在仍然可以忽略不计。这意味着我的治理风险和对投资者的保护在辖区之间有很大差异。

Because the dangers for global financial stability increase

因为全球金融稳定的危险增加

Internationally, the report draws an increasing risk framework. The so -called duties war He made the level of uncertainty about the markets splash. Bankitalia highlights that, immediately after the announcement of the new US duties of April, the trust of American consumers collapsed minimums since 2020an alarm bell for global growth. This worsening of trust, together with the rise in the costs of raw materials and other protectionist measures, has pushed the growth forecasts of theworld economy downwards.

在国际上，该报告提出了越来越多的风险框架。他被称为“职责”战争，他对市场飞溅的不确定性程度。 Bankitalia强调，在4月份新的美国职责宣布后，美国消费者的信任立即崩溃了，自2020年以来，最低限度对全球增长。信任的恶化，以及原材料和其他贸易保护主义措施的成本的上升，将世界经济的增长推动了下降。

In this context, Italy, while continuing to benefit from reduced spreads and a sovereign rating in improvement, remains vulnerable: “the high public debt and the poor growth of the Italian economy remain vulnerability factors”, reads the report.

在这种情况下，意大利在继续受益于减少的差额和改善的主权评级，但仍然脆弱：“高公共债务和意大利经济的不良增长仍然是脆弱性因素”。

A new global uncertainty factor indicated by the relationship concerns the digital coins issued by the authorities. Bankitalia warns that if these digital currencies become systemic dimensions (for example around 10% of the global crypt market), their possible default could trigger chain effects on international financial markets. In fact, in the euro area, a widespread use of stablecoin It could interfere with the traditional mechanisms of payments and with the same monetary sovereignty.

该关系所表明的一个新的全球不确定性因素涉及当局发布的数字硬币。 Bankitalia警告说，如果这些数字货币成为系统性维度（例如，大约占全球地穴市场的10％），它们可能的违约可能会触发链条对国际金融市场的影响。实际上，在欧元区，稳定币的广泛使用可能会干扰传统的付款机制和相同的货币主权。