How has the global economic crisis affected Italy compared to other European markets?
Francesco Lamanda: The Italian economic structure is mainly composed of two macro-regions. The northern and central parts of Italy include 60 percent of the population and feature a financial- and manufacturing-driven economy that is comparable to the most developed northern European regions. The south of Italy has an economy mainly based on agriculture and tourism and has shortages in its infrastructure (such as transport). For this reason, the national statistics regarding Italy are not completely reliable, as they represent an average between two areas. The south has been economically handicapped historically, while the northern and central parts are now in a moment of economic stagnation, more than a recession, with some segments thriving and others lagging temporarily. Generally, the banks in Italy are not in trouble, like we have seen with the international ones, because they are not in the business of distributing derivatives or other kinds of risk-oriented financial products. T
