Italy’s use of derivatives for EMU access under scrutiny
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The Italian government’s use of swaps in the run-up to European economic and monetary union (EMU) has caused an international debate about the regulation of derivatives. Along with a number of other European governments – including those of Sweden, France and Ireland – the Italian government has been using over-the-counter swaps since the early 1990s, principally to hedge its foreign currency risks.
But the issue of how to regulate this use of derivatives has been brought sharply into focus b
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