*  *  Introduction  The powerful stimulus of monetary policy, the depreciation of the currency, and the fall in oil prices are fueling economic recovery in the euro area. There are still risks in connection with the crisis in Greece, geopolitical tensions and the cyclical slowdown in the emerging economies.
One of the factors that are impeding investment is the uncertainties surrounding economic agents’expectations. The signs are favourable in Italy too, but the strength of the recovery will depend to a great extent on the proper working of the credit market and the availability of a sufficient volume of finance for the real economy. The latest data show an improvement in credit availability.