Bank of Italy - Annual Report 2003

The Bank of Italy has published its Annual Report for the year ended 2003. World economic activity gathered pace from the middle of 2003 as international political tensions eased, and monetary and fiscal policies remained highly expansionary. The acceleration of the US economy and the continuation of the exceptional growth in China fostered a strong recovery in international trade in the second half of the year.

"Although the revival of activity gradually spread to all areas of the globe, its

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