The proportion in Italy is now similar to that in France; in Germany it is higher, at around 20 per cent. Neither in these two countries nor in the other leading industrial countries has it changed significantly in the nineties.
The ratio of residents’ foreign financial assets to GDP is around 50 per cent in Italy, 90 per cent in France and 80 per cent in Germany. The diversification of Italian saving through investment abroad will continue in line with the development of the financial system.