In Italy, net capital inflows have continued, and the Bank of Italy’s debit balance in TARGET2 has diminished by a third compared with the high point recorded in the summer of 2012.
The easing of tensions in the euro area reflects the progress made in European Union governance, the resolute steering of monetary policy towards the maintenance of accommodative conditions, and the correction of national imbalances, with significant progress being made in the countries hardest hit by the crisis. Nevertheless, the risks remain high.