Alternative Banks in a Dualistic Economy: The Case of Italy before and during the Euro Crisis

Introduction Between the early 1990s and 2005, the Italian banking system has experienced a profound transformation. e acceleration of European economic integration, culminating in the adoption of the euro, and the birth of a highly integrated European nancial market have accentuated competitive pressures: Italian banks, which had been operating for a long time in a closed and protected market, suddenly faced a much more competitive market characterized by the widespread presence of large credit institutions.