The surplus on the current account of Italy’s balance of payments and the return to external equilibrium provide a solid foundation for the maintenance of the internal and external stability of the lira. 1.
The balance of payments The actions to reduce the budget deficit, the new level of the exchange rate, wage moderation and the stabilisation of prices have produced a shift in the composition of demand since 1993 that has permitted growing surpluses on the external current account after a long series of deficits.