Let me take an example of residential mortgagebacked securities (RMBSs), securitized products that have residential mortgages as underlying assets, which triggered the global financial crisis. For individual investors, the risks seem to be diversified, thanks to securitization technology, but, if housing prices decline on national basis, the risk diversification effect will not work.
Progress made in the labour, capital and services markets has begun to bear fruit; it has enabled Italy to benefit from the global and European recovery and has meant that the consolidation of growth is no longer supported by cyclical factors alone. Investment has increased since the summer.