Last summer the decline in GDP came to a halt, and in the fourth quarter industrial production apparently gained around  25  U. Albertazzi, G. Eramo, L. Gambacorta and C. Salleo, “Securitization is not that evil after all”, Bank of Italy Working Papers No. 796, February 2011. 26  Bank of Italy, Financial Stability Report No. 6, November 2013.
8  BIS central bankers’ speeches  one per cent. The quarterly change in GDP appears to have been positive for the first time since mid-2011. Italy’s financial markets are benefiting from the decreasing financial fragmentation of the euro area.