The financial services sector accounts for 5.5% of gross value added in Italy, according to Eurostat. This exactly matches the average level across the entire EU, but is significantly smaller than in countries with large, global financial centres, such as the Netherlands and the UK, where the comparable figures are 8.6% and 7-9% of GDP, respectively, in official calculations. Employment in the industry is 2.7% of total jobs in Italy, slightly below the EU average of 2.9%.
The euro area sovereign debt crisis and a prolonged recession have put severe strains on Italy's domestic banks, which have been under strong pressure to shrink their balance sheets in preparation for the stress tests carried out by the European Central Bank (ECB) in 2014. The results will be announced on October 26th.

Financial services report 2

Banks 3

Insurers 6

Asset managers 8

Financial markets and instruments 9

Financial regulation 11

Monetary and currency policy 14

Italy at a glance 16

Fundamental indicators 17

Key contacts 18

Industry publishing schedule 19

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