In 2011, Italy’s foreign financial assets and liabilities amounted to 119 and 140 percent of GDP, respectively, up from 92 and 97 percent in 1999. 4. The crisis risks leading to re-nationalization of financial portfolios. The perceived risks are amplified by the uncertainty over the resolution of events that are in many respects  BIS central bankers’ speeches  1  unprecedented.
The key is careful and timely analysis of each national economy and of the actors within them. The opportunities offered by financial diversification in a global environment are potentially intact. Ongoing reform efforts in the euro-area countries aim at preserving their attractiveness for financial diversification. °°° 5. The crisis has highlighted the weaknesses of EU and especially euro-area governance.