General Situation Following the restrictive cycle of 2022–2024 triggered by the inflation crisis, the fourth quarter of 2025 continued the trend observed throughout the year, signaling a phase of macroeconomic normalization. Inflation is now close to central banks’ targets, allowing the continuation of interest rate cuts. Growth, however, remains moderate in Europe and Italy, while it is more robust in the United States, albeit with signs of cyclical slowdown in the labor mar