No one raised questions about the current level of Microsoft's own competitiveness--or its bruising battle with Internet king Google (nasdaq: GOOG - news - people ).
Large turnarounds in current account balances generally require a shift in competitiveness that re-allocates domestic and foreign spending towards locally-produced goods.
Indeed, like Argentina, Italy faces a growing competitiveness loss given an increasingly overvalued currency and the risk of falling exports and growing current account deficit.