(**) Quarterly averages, partly estimated for the last quarter.
1994  1995  1996  Figure 2  ITALY'S CURRENT ACCOUNT BALANCE, NET EXTERNAL POSITION AND THE REAL EXCHANGE RATE OF THE LIRA 9  105  6 100  AAA AAA AAA AAA AAA AAA AAAAA AA AA AA AA AA AA  3  0  -3  95  90  -6 85  current account (1) -9  net external position (1) real exchange rate (2)  -12  80 1980  1981  1982  1983  1984  1985  1986  1987  1988  (*) Partially estimated data.