Italian inflation was 4% in 1996 while in the countries that are now part of the euro area it was on average equal to 2.3%. In subsequent years Italy saw a significant reduction in its inflation gap vis-à-vis the euro area average, despite many adverse shocks that hit both Italy and the euro area in recent years [see Chart 2].
Page 6 of 21  Slide 7  Climate change and the transition bring both opportunities and risks to the financial sector. •  Any economic transition requiring investment is a business opportunity for the financial sector to apply its skills in risk pricing as well as return and profitability assessments. •  The green transition is no different.