As a prime exporter of equipment and machinery, this country has particularly suffered from the lopsided composition of the shortfalls in international trade. BIS Review 48/2010  1  But, many times – in the 100 years spanned by Confindustria – after a profound crisis, Italy has gradually moved back to the forefront of innovation and economic excellence.
Apart from the base effect, the pullback in inflation was driven by an ample supply of food and fuel, a stronger hryvnia cash exchange rate, and improved exchange-rate and inflation expectations. Among other things, the NBU's efforts to keep the key policy rate high and make hryvnia instruments more attractive made it possible to stabilize the FX market and improve expectations.