The less risky tranches backed by portfolios of mainly newly-granted loans could be covered by government guarantee. The State would not be required to make an immediate outlay of funds and its guarantee would be adequately remunerated. Anti-crisis measures Economic policy currently presents more difficulties in Italy than in other countries. Action to bolster demand is restricted by government debt from the past.
Today’s world resembles the 19 century world in certain respects. In that age of industrialization, rapid international integration was witnessed. Transportation costs sank, and led to closer trade relations. Profound structural change was the result. As the European countries became more similar, their economies converged. In that environment, naturally, monetary integration was deemed helpful. Today, we are in the age of so-called “globalization”.