““Italy is the currency bloc's biggest long-term headache because of its chronic stagnation ever since joining the euro and failure to recover from a deep slump since the global financial crisis. Italian GDP contracted in 2008-09 and again in 2011-13. Even if growth returns in the coming months, it is expected to be meager. Mr. Renzi, a 39-year-old political maverick, came to power early this year promising to break the political deadlock that has held back economic overhauls for years, even decades. But he has become bogged down in a struggle to streamline Italy's electoral law and unwieldy bicameral legislature, seen as prerequisites for passing major economic reforms in subsequent steps.””
