Even if nobody down at the Italian Treasury Ministry is saying it out loud, the best economic forecast to hit the Italian streets this week came from faraway Berlin. That forecast, of course, was the disclosure by the German Central Statistics office that the German budget deficit was running at between 3.5 per cent and 3.7 per cent of GDP, well over the stability pact criterion of 3 per cent.

While Italy may have no particular expectations for this weekend's Ecofin meeting in Copenhagen, it certainly has serious long-term expectations regarding a revision of the stability pact. For months now, Italy's centre-right government has been running a "good cop, bad cop" campaign for the revision of the pact.

While Prime Minister Berlusconi and Treasury Minister Tremonti would both welcome a revision, both also know only too well that it little behoves Italy to be first to ask for it.

In that sense, Germany's increasing economic difficulties represent good news for Italy.