EFTA Document EFTA01459617

5 February 2016 Focus Europe: Dark clouds, no storm yet important reforms in Italy, but not enough. Temptations from the past have recently sneaked back, we would not be too surprised if Italy joins a busy 2017 political calendar with general elections in Germany and France. Rising concerns, in our view overstated, on the Italian banking system could hinder the credit recovery. Political risk is not only affecting euro-area countries. The European Union as a whole is probably facing its