Italy top financial authorities have warned that households face increasing exposure to losses from complex financial instruments and crypto assets, according to a press release from Banca d’Italia following a 4 December meeting of the Committee for Macroprudential Policies.
The committee, chaired by Governor Fabio Panetta, said Italy economic and financial conditions remain broadly favourable, although the global backdrop continues to generate uncertainty. Officials noted that prudent fiscal management has helped reduce spillover risks, while the spread between Italian government bonds and German Bunds has narrowed to pre sovereign crisis levels.
Rising concerns over retail exposure
Supervisors highlighted a rapid increase in household investments in certificates, which they described as highly complex products that can cause significant losses. The committee said it is closely monitoring the trend because retail investors may not fully understand the downside risks embedded in these structured instruments.
Crypto assets also moved higher on the committee agenda. The press release stated that risks are growing due to stronger links between crypto markets and the traditional financial system, combined with fragmented international regulation. The Ministry of Economy and Finance has launched an in depth review of safeguards surrounding both direct and indirect retail investments in crypto assets.
Italy heightened attention comes as the EU continues work on supervisory frameworks following the rollout of MiCA, while national regulators across Europe assess whether additional measures are needed to limit consumer harm.
The committee also reviewed technical progress on an analytical framework for the benchmarks used in financial contracts, a topic that has gained importance amid transitions away from legacy reference rates.
Officials have begun preparing the committee 2025 activity report, which will be sent to the Government and Parliament and published by March 2026. Minutes from the December meeting will be released at a later date.