European Financial Ecosystems. Comparing France, Sweden, UK, and Italy

The study examines the structure, functioning, and strategic implications of financial ecosystems across four European countries—France, Sweden, the United Kingdom, and Italy—to identify institutional best practices relevant to the ongoing transformation of Italy’s financial system. Building on a comparative analysis of legislation and regulation, taxation, investor bases, and financial intermediation, the report highlights how distinct historical and institutional trajectories have shaped divergent models: the French dirigiste system anchored by powerful state-backed institutions and deep asset management pools; the Swedish social-democratic ecosystem driven by broad household equity participation, tax efficient savings vehicles, and equity-oriented pension funds; and the British liberal model, characterized by deep capital markets, strong institutional investor engagement, and globally competitive listing infrastructure. In contrast, Italy remains predominantly bank-centric, with fragmented institutional investment, limited retail equity participation, underdeveloped public markets, and a structural reliance on domestic banking channels for corporate finance.