1994  1995  1996  Figure 2  ITALY'S CURRENT ACCOUNT BALANCE, NET EXTERNAL POSITION AND THE REAL EXCHANGE RATE OF THE LIRA 9  105  6 100  AAA AAA AAA AAA AAA AAA AAAAA AA AA AA AA AA AA  3  0  -3  95  90  -6 85  current account (1) -9  net external position (1) real exchange rate (2)  -12  80 1980  1981  1982  1983  1984  1985  1986  1987  1988  (*) Partially estimated data.
Interesting recent research seeks to identify observable variables that could be used to monitor credit conditions and detect trends that could threaten the performance of the real economy in the future. 16 This research is promising, and it could be used by supervisors to inform their thinking as it develops further.