Faced with a possible new recession Italy would find itself with a relatively high deficit, as before the crisis, and an even higher debt to GDP ratio. The room for manoeuvre would be even narrower. It is not my role to provide indications or formulate precise forecasts, which would in any case be impossible, but to highlight the risks.
I believe there is a general consensus that the danger of triggering a vicious circle of deficit, interest rates, confidence and growth has to be avoided. Given the present international financial situation, unexpected episodes of volatility cannot be ruled out, however unlikely they may seem at the moment.