All currencies in US Dollar
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.
© 2019 Berghahn Books