The Guarantee System in Italy

In the context of financial crisis in the period 2007–09, when the entire Italian economy was affected, showing signs of credit crunch together with a jeopardized financial and economic stability of enterprises, Italian mutual guarantee institutions, so-called Confidi, took on a crucial role in the creditguarantee sector. The reason for their usefulness lies not only in their ability to assist enterprises in situations of crisis, but also in the higher degree of efficiency achieved by their specific function, bridging the gap between enterprises and credit institutions in the credit-granting process. A broad outline is therefore necessary to explain how this particular intermediary operates in the guarantee system.