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Archive » October 2021 » Italian banks, the legacy of the Global Financial Crisis and the Covid-19 pandemic: so far so good

Italian banks, the legacy of the Global Financial Crisis and the Covid-19 pandemic: so far so good

Alfredo Macchiati, Simone Negro, Luigi Stammati, Marco Onado
October 2021 - n. 10
Keywords: Banche, crisi, Covid-19
Jel codes: G21, G28, I15

The article analyzes whether and to what extent Italian banks are able to favor the recovery after the pandemic. Italian banks are not in a worse position than those of the main European countries, they are on the road to a gradual recovery after the Great Crisis and there is still room to recover profitability and capital stability. In the first year of the pandemic, they met the credit demand of companies (thanks also to the public guarantees on loans). So far, therefore, not only have banks not been part of the problem but, on the contrary, they have played a crucial role in supporting the Italian economy during the crisis. Other challenges are now emerging: companies are adopting innovative technologies, towards a new phase of productivity growth and redefinition of competitive balances. The ability of national economies to seize these opportunities also depends on banks' ability to direct credit to the most productive firms.

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