"The rules of our banking system are different from those of the American system," Giorgetti said, on the sidelines of a conference on construction-related tax credit in Rome.

On Monday the economy ministry said in a statement that it was closely following the case of the collapse of Svb and the decisions taken by the US monetary authorities in relation to it.

The statement stressed that the Italian and European banking systems are closely monitored by the regulatory authorities, "in this way guaranteeing stability.

"We appreciate the rapidity with which the American authorities intervened and we are confident that, if necessary, the European authorities will intervene with the same rapidity, assessing the implications for... monetary policy and for financial stability," the statement said.

The Milan bourse closed 4.6 per cent down on Wednesday amid the Credit Suisse crisis that followed Friday's SvB collapse.

More than 27 billion euros in Milanese share capital went up in smoke as banking stocks slid, while Credit Suisse plummeted to -28 per cent before recovering to -13 per cent in Zurich after its top Saudi shareholders refused a capital injection.

The blue-chip FTSE-Mibtel index fell to 25,565 points.

It was a Black Wednesday for European stocks which lost 355 billion in share capital as London lost 3.83 per cent, Paris 3.58 per cent and Frankfurt 3.27 per cent.

Both Silicon Valley Bank and Signature Bank collapsed Friday sparking a 4 per cent Milan bourse slump Monday. But the Borsa recouped almost 3 per cent on Tuesday. 

In other European financial news, Credit Suisse says it will borrow up to US$54 billion (A$82 billion) from the Swiss central bank to shore up its liquidity and investor confidence after a slump in its shares intensified fears about a global financial crisis.

The Swiss bank's announcement helped stem heavy selling in financial markets in Asian morning trade on Thursday, following torrid sessions in Europe and the United States overnight as investors fretted about a run on global bank deposits.

In its statement early Thursday, Credit Suisse said it would exercise its option to borrow from the Swiss National Bank up to 50 billion Swiss francs (A$82 billion).

That followed assurances from authorities in the private banking hub on Wednesday that Credit Suisse met "the capital and liquidity requirements imposed on systemically important banks" and that it could access central bank liquidity if needed.

Credit Suisse is the first major global bank to be given such a lifeline since the 2008 financial crisis, though central banks have extended liquidity more generally to banks during times of market stress including the COVID-19 pandemic.

Asian stocks were hit by Wall Street's tumble on Thursday and investors bought gold, bonds and the dollar.

While the bank's announcement helped trim some of those losses, trade was volatile and sentiment fragile.

The Swiss bank's problems have shifted the focus for investors and regulators from the US to Europe, where Credit Suisse led a selloff in bank shares after its largest investor said it could not provide more financial assistance because of regulatory constraints.

ANSA