Our improved fundamentals and ongoing reform efforts have anchored investor confidence, and helped us achieve investment grade status. As you can see from the slide, we have been able to manage our external liquidity position. We’ve been running current account surpluses for over 10 years now. We have FX reserves that are ample by traditional yardsticks.
(1) Spread between the sovereign debt premiums on the CDS ISDA 2014 and the CDS ISDA 2003 contracts with 5-year maturities. 14  Designed and printed by the Printing and Publishing Division of the Bank of Italy