The result was that unemployment increased moderately from 7,1 per cent in October 2008 to a peak of 8,0 per cent in July 2009, and in February of this year measured 5,4 per cent, compared with a Eurozone average of 12,0 per cent. Low unemployment in turn meant that domestic demand held up more strongly than in other comparable countries.
In Italy, between 1995 and 2003 the volume of funds raised directly on the financial markets by firms issuing shares, bonds and other instruments grew from 20 billion euros to 65 billion. The amount of households’ financial wealth consisting of corporate securities increased from 180 billion euros to 470 billion, that is from 19 to 36 per cent of GDP.