Our economy being the third largest in the euro area, any default would lead to far reaching effects. A remarkable feature that needs to be noted is that even after the recent crisis our nation has still maintained the same rates of long term sovereign borrowings and also the credit ratings remain intact. Our nation is the make- it-or-break-it issue for the euro zone which can put the survival of the common currency at risk.
Our nation is the world’s ninth largest economy, the fifth largest manufacturer and third largest bond market. This can be justified as our economy has a highly sophisticated and well developed industrial base supported by well-established small and medium enterprises mainly family owned or controlled. Although we faced major economic challenges recently, but there are signs of recovery. There was a rise in the Industrial production by 0.7% in the last quarter of 2014. Trade and confidence in the economy among the residents is gradually bettering for the good. There has been sudden boost in the exports. Prime Minister Renzi has outlined an ambitious reform plan to revive structural growth and create jobs. Our economy is forecasted to grow between 0.6 and 1 per cent in 2014. Being a pro-European nation, the Delegation of Italy hence wishes to better trade relations with the member states by delving into areas where best suited.
Our government is totally in support with the SGP reform. The implementation of such a preventative arm will ensure a certain controlled level of spending