Italy's economy is like its winesrobust, zestful, unpredictable. Two years ago the lira was among the strongest currencies of Europe. Last winter the currency seemed headed toward devaluation. Now, in a remarkable turnaround, the lira has recovered, and a measure of business confidence is returning to Italy.
The lira's volatility reflects a particularly Italian combination of economic assets and liabilities. The nation's real rate of growth5.5% in 1970is among the highest in the Western world. Italy's hoard of gold and net foreign reserves is Europe's second largest, after Germany's. Yet a primitive and easily manipulated stock exchange, an outmoded bureaucracy,...
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