Italy

1. Italy

2. INTRODUCTION • Italy, officially the Italian Republic is a unitary parliamentary republic in Southern Europe. To the north, Italy borders France, Switzerland, Austria, and Slovenia, and is roughly delimited by the Alpine watershed, enclosing the Po Valley and the Venetian Plain. To the south, it consists of the entirety of the Italian Peninsula and the two biggest Mediterranean islands of Sicily and Sardinia, in addition to many other smaller islands.

3. Italy covers an area of 301,338 km2 (116,347 sq mi) and has a largely temperate climate. With 61 million inhabitants, it is the 5th most populous country in Europe. Among the world's most developed countries, Italy has the 4th-largest economy in the European Union, 3rd in the Eurozone and 9th in the world by GDP (IMF, 2012).

4. In the years that followed, Italy abolished the monarchy, reinstated democracy, and enjoyed a prolonged economic boom, thus becoming one of the most developed nations in the world with the fifth largest economy by nominal GDP by the early 1990s. • Italy was a founding member of NATO in 1949 and one of the Inner Six of the European Community in 1957, which became the EU in 1993. It is part of the Schengen Area, and has been a member of the Eurozone since 1999.

5. Italy is considered to be a major European power able to exert its influence on a global scale with membership in prominent institutions or groups such as the UN, the EU, the NATO, the OECD, the OSCE, the DAC, the WTO, the G4, G6, G7, G8, G10, G20, the Union for the Mediterranean, the Latin Union, the Council of Europe, the Central European Initiative and the Uniting for Consensus. Italy currently maintains the world's tenth-largest nominal defence budget and is a participant in the NATO nuclear sharing policy.