For the year as a whole, the rate of growth was 0.9 per cent, just under half that of 2017. Negative contributions came from the slowdown in output in Germany and greater uncertainty, which in turn was affected by the heightened tensions surrounding government securities. This led to a sharp downsizing of firms’ investment plans.
22  The Italian insurance supervisor (IVASS, which is under the control of the Bank of Italy) has now broadened the possibility for insurance companies to buy corporate bonds.