The macroeconomic framework

The world economy picked up in 2010 (registering a growth of between 4% and 5%), with dynamics anchored to geographical segments, inflation that was lower despite higher prices of raw materials, and a post-recession rebound in foreign trade and volatile exchange rates, also due to the financial imbalances which came to light.

While East Asia tackled the problem of achieving a social and geographic balance for its considerable growth rates also through monetary policies to control spending, renewed growth in the United States and Japan was supported by vigorous, expansive fiscal policies, with an impact on reducing public debt that will not be at all easy to deal with in the future.

Economic development in overall terms in the eurozone was limited, despite the good performance of Germany. The financial crisis of peripheral countries had a negative impact on the economic cycle and brought attention back to the possible need for economic/political governance of the eurozone.

As regards Italy, expansion has not yet allowed it to recover the 2009 deficit. The constraints of accumulated public debt (close to 120% of the GDP) have not enabled it to adopt the expansion policies put in place by core countries.