The Italian economy has come to a near halt. Confindustria, the Italian employers' federation, has issued a warning regarding the production system's vulnerability, which is the result of a combination of factors: the euro's appreciation against the dollar (+13% compared to January 2025), which is affecting exports; the international situation, which is characterized by conflicts in the Middle East and Ukraine, as well as tensions in Greenland and Venezuela, which is causing uncertainty and impeding household consumption and spending decisions; and the cessation of the decline in gas and oil prices. The price of a barrel of oil increased to $65 at the beginning of 2026, while gas prices have not decreased further and are still significantly higher than those recorded in 2022 and nearly double those of 2019. Only investments are meeting expectations, mainly to funding from the National Recovery and Resilience Plan, which are stimulating demand for capital goods and the building sector. A certain recovery in credit is reported by the industrialists' association; however, it is noted that the decline in business confidence is impeding development.