28. 7 14. 2 source : based on european central bank data. table 2 market shares of foreign banks in italy ( annual averages with reference to bank branches and subsidiaries ) 2009 total branches and subsidiaries total assets 4. 2 2. 6 5. 2 7. 1 7. 9 16. 4 16. 2 interbank assets 9. 8 6. 0 15. 7 12. 9 13. 3 20. 6 17. 1 loans 5. 2 3. 0 2. 7 5. 8 9. 0 16. 2 15. 8 mortgage loans 0. 7 0. 2 0. 3 5. 7 5. 8 12. 5 15. 2 personal loans 11. 5 7. 7 6. 2 14. 2 27. 7 35. 4 27. 5 securities 1. 6 1. 5 6. 3 10. 1 9. 9 17. 6 12. 0 deposits 1. 0 0. 9 2. 0 2. 9 4. 7 11. 2 9. 3 interbank liabilities 13. 7 9. 7 16. 3 19. 3 24. 0 32. 7 27. 6 off - balance - sheet items commitments and contingent liabilities 8. 6 6. 1 5. 4 10. 6 11. 3 13. 5 12. 3 29. 5 1. 9 24. 4 2. 2 42. 6 5. 6 16. 8 9. 0 6. 9 10. 7 27. 3 28. 7 11. 9 33. 3 securities held for custody of which : branches total assets 3. 3 1. 8 4. 1 4. 8 5. 4 9. 4 8. 9 interbank assets 8. 6 5. 0 14. 2 9. 9 10. 3 12. 5 10. 7 loans 4. 0 1. 9 2. 0 3. 0 6. 3 7. 7 7. 2 mortgage loans 0. 2 0. 1 0. 2 0. 7 2. 6 3. 6 4. 6 personal loans 0. 1 0. 0 0. 2 3. 0 9. 0 3. 5 5. 6 securities 1. 2 1. 3 5. 2 7. 9 4. 3 7. 6 5. 9 deposits 0. 2 0. 2 0. 8 1. 4 3. 2 3. 0 2. 2 interbank liabilities 12. 5 8. 7 15. 0 15. 0 20. 3 22. 1 19. 3 off - balance - sheet items commitments and contingent lia

that have marked the last ten to fifteen years. i propose the following summary, which admittedly is perhaps a little too usa - centric : 1. the revolution in the new information and communication technologies halted the progressive decline of productivity growth in the united states, which returned to markedly high rates of expansion in the second half of the 1990s. 2. during the same period, following the financial crises that hit the countries of southeast asia and russia ( 1997 - 98 ) and the collapse of ltcm ( autumn 1998 ), the federal reserve ’ s policy remained essentially accommodating, with a strong expansion of liquidity also to counter the so - called millennium bug. 3. the “ new economy ” euphoria, beyond being compatible with objective interpretations of the increases in productivity linked to the introduction and spread of the new technologies, was reflected in us household consumption, with a rapid rise in debt and a sustained decline in savings, but with financial positions basically in balance thanks to the increase in net wealth due to capital gains, in part the result of soaring share prices during the dot - com bubble. 4. the powerful expansion in us final demand and imports was gradually accompanied by growth in the exports and output of the major emerging economies such as china and india, which had previously lagged behind, and an upwards trend in us inflation, dealt with by a tightening of monetary policy at the beginning of 2000. 5. monetary tightening ended by bursting, late, the dot - com bubble in 2000 - 01. the recessionary effects of this were compounded by those of the severe shock of the september 2001 terrorist attacks. 6. amid fears of recession and deflationary conditions of the kind that had prevailed in the previous decade in japan, the federal reserve ’ s response was again very accommodating. a drastic reduction in interest rates was accompanied by a strongly expansionary budgetary policy, which remained in place also in relation to the war operations in the middle east. 7. monetary policy also remained expansionary for a long time, facilitating a return to sustained growth in household consumption, not countering the trend towards a zero saving rate, and giving free rein to financial innovation, in conditions of abundant liquidity, especially with the repackaging in 2004 - 06 of mortgages – in a context of constantly rising house prices – into structured products that opened up new investment possibilities to banks. 8. the growing us current account deficit was accompanied by ever - larger surpluses in emerging countries and japan