Italy: Selected Issues

Author: International Monetary Fund

Volume/Issue: Volume 2007 Issue 065

Publication date: February 2007

ISBN: 9781451820003

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Topics covered in this book

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Exports and Imports , Finance , Economics- Macroeconomics , Public Finance , ISCR , CR , firm , Italy , spending , exchange rate , current account , export , financing , corporate bond bond market , investor protection , government transfer , bond financing , financing needs , spending ratio , Current spending , Securities markets , Exchange rates , Financial sector development , Global , Europe

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Summary

This Selected Issues paper applies a range of methods to assess Italy’s competitiveness gap versus other euro area members. All indicators point to a clear erosion of competitiveness in recent years, with related market share losses. Nonetheless, the estimated competitiveness gap, while appreciable, still remains quantitatively contained. The results suggest that the unwinding of the competitiveness gap will require reforms that boost productivity growth and continued wage moderation, as well as an adjustment by export firms in Italy.