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ISBN-10: 9264104224

ISBN-13: 9789264104228

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Extra resources for Oecd Economic Surveys: Italy (Oecd Economic Surveys)

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However, a policy of moral suasion is unlikely to be very effective now that banks are also required to be more careful in their risk assessments. And one reason for the southern banking crises was the tendency to © OECD 2003 44 OECD Economic Surveys: Italy extend loans to dubious clients under political pressure. 28 What seems to be needed is policy support to enhanced competition in the banking sector, and to the development of more non-bank forms of financing to small-scale, risky entities, such as venture capital.

Banks are moving to stricter capital adequacy requirements in the context of Basle 2, and may in the process be scrutinising smaller and riskier borrowers more closely, of which there are especially many in the South. At the same time, they are increasing exposures to large distressed firms (“too big to fail”), that even prior to the downturn had been doing poorly in international competition. 8 In the persisting absence of internal engines of growth, this would require a prior recovery of world exports.

2 billion euros according to official estimates. 6 billion euros. They will contribute to accelerate the disposal of real assets – mainly owned by social security institutions – whose returns were low and uncertain. Nevertheless, their proceeds are temporary and, therefore, cannot represent the main instrument to improve the budgetary position on a permanent basis. Given Italy’s very high level of public assets, a gradual and orderly divestiture of these assets in the context of a longterm programme could be envisaged to pay down debt.

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Oecd Economic Surveys: Italy (Oecd Economic Surveys) by Oecd


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