The International Monetary Fund concludes its assessment of the Italian financial sector (FSAP, Financial Sector Assessment Program)

24 July 2026

The International Monetary Fund (IMF) has concluded its periodic assessment of Italy's financial sector, which was launched in 2025, and has published the Financial System Stability Assessment (FSSA), the final report that sets out its main findings on the stability of the Italian financial system.

According to the IMF, the Italian financial system remains sound and resilient and in recent years has demonstrated its ability to withstand a particularly challenging macro-financial and geopolitical environment. The report highlights the contribution made by the solid capital and liquidity buffers of the banking sector, by the improvement in asset quality and by the strengthening of financial intermediaries' profitability. It also underscores the progress made by the Italian authorities since the previous assessment in 2020, noting stronger supervisory practices, improvements to the macroprudential and crisis management frameworks, the reduction in non-performing loans, and the enhanced resilience of the financial system as a whole.

The assessment also examined the main emerging risks to financial stability, including those arising from geopolitical tensions, climate change, cyber threats and the interconnections between banks and non-bank financial intermediaries, as well as the role of financial market infrastructures, providing a comprehensive assessment of the Italian financial system and its institutional framework. The report also points out specific areas where further targeted measures could continue to strengthen the resilience of the financial system over the medium to long term.

The full text of the Financial System Stability Assessment is available on the IMF website at the following link: https://www.imf.org/en/publications/cr/issues/2026/07/23/italy-financial-sector-assessment-program-577973.