Italy: is something moving under the surface?

The old adage goes that if you ask ten economists their views on something you get ten different answers. But there is one topic where nearly all economists agreed some years back: the prognosis for Europe’s sick man, Italy, is terminal. However, without denying evident structural shortcomings, something might be moving under Italy’s surface. Whether the Italian economy will emerge stronger remains unclear. But this process has implications for financial markets in its own right.