The Sovereign Debt Crisis: The Impact on the Intermediation Model of Italian Banks

  • Stefano Cosma
  • Elisabetta Gualandri
Part of the Palgrave Macmillan Studies in Banking and Financial Institutions book series (SBFI)


This chapter sets out to analyse the impact of the financial crisis, in particular since the start of the sovereign debt phase, on Italian banks and their intermediation model. The Italian banking and financial system showed more resilience than other national systems in the first wave of the global financial crisis, the so-called subprime phase (2007–2008), but the impact was much more severe in the second, sovereign debt and redenomination risk phase (2010–2012), and the system continues to show major signs of difficulty in the current phase of deep economic recession.


European Union Gross Domestic Product European Central Bank Public Facility Sovereign Debt 
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© Stefano Cosma and Elisabetta Gualandri 2014

Authors and Affiliations

  • Stefano Cosma
  • Elisabetta Gualandri

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