Should Italy form part of the so-called PIIGS? Not
really. Italy is one of the 4 largest European economies, the third
largest contributor to the EU, has EU's second largest manufacturing
industry and belongs to the G8. Its GDP is more than the combined GDP of
Spain, Greece, Ireland and Portugal. In terms of resilience, that of
Italy is substantially higher that that of the PIGS. As far as its
collocation within the European G8 members, the economy of Italy is
significantly more resistant to shocks than that of Germany and France,
as illustrated in the graph below (the size of the bubbles is
proportional to GDP).
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