I shall approach the theme of this chapter bearing in mind two facts.

The first is that the worst post–World War II crisis in the world economy

has been halted, and we are slowly getting back to the surface.

The second is that Italy is a small, open, slow-growing economy with

little room to maneuver by itself and is part of a large, rich, open, and

most probably irresolute and relatively declining area of the world. Let

me clarify. The world economy has indeed been rescued. A wide range

of emergency measures have been adopted throughout the world to

arrest its descent along a downward spiral. Generally speaking, the

measures adopted were prompt, untested, and partial, and many went

against conventional wisdom. But they seem to have worked, which is

even more of a tribute to those who decided to adopt them. However,

rescue is not recovery. That will take more time and will be more difficult

to achieve, in part because during a recovery there usually is

much less pressure to act immediately.