Abstract:The Italian sovereign debt risk has been rising，which could turn into systemic risk. This event is called “Italian crisis” in Europe. The Italian crisis is a continuation of the European debt crisis，which is mainly manifested in the large-scale capital outflow，the correlation between the sovereign debt risk and the Euro-exited risk，the risk of the banking system and the risk of the European financial market. The main reason is the fragility of the single currency，which is also caused by Italy’s excessive fiscal stimulus and insufficient economic growth momentum. In view of the Italian authorities and the EU’s attention to strengthen fiscal consolidation，the structural reform to promote economic growth has also been widely valued，and the reform of the unified governance of the EU has contributed to the financial stability of the eurozone，the Italian crisis has been temporarily alleviated. However，political instability and ageing population in Italy have left the outlook for economic growth uncertain，while proposals for a parallel currency，the absence of fiscal integration in the eurozone and a “multi-speed Europe” have raised the possibility of the crisis.