Presented by the Bank of Italy the second Financial Stability Report. The international financial system is crossed by deep tensions. The scaling of the prospects for global growth and risk aversion have heightened fears about the strength of the issuers, both public and private, with high debt. The investment horizons have been reduced, and the preference for low risk activities increased. Tensions have invested in Italy, causing a significant increase in premiums on sovereign bonds. According to investors our economy reflects the high public debt and low growth. But it shows elements of strength, analyzed in this report: the tendency towards public accounts’ consolidation; the low private debt; the absence of imbalances in the housing market; the reduced external debt.