Rome also risks going down the same path followed by Athens, Lisbon and Dublin in recent months in losing financial credibility and having to pay higher interest rates to service its heavy debts.
Now, it is true that the European Central Bank's deeds and words over the past year - the provision of emergency longer-term loans to eurozone banks and an offer of support to governments with clear plans to restore financial credibility - has staunched the worrying drain of funds out of Spanish and Italian banks.
If the economy slows, Mr Blair will discover that financial-market credibility is never granted to any government in perpetuity.
His growing fame in financial circles also is lending Citigroup credibility as it tries to rebuild its image following the financial crisis.
Currently the Treasury is arguing that it would risk a loss of credibility in financial markets to change their plans in any way.
Earlier this week, Arsenal manager Arsene Wenger claimed that City's deal with Etihad "raises the real question about the credibility of financial fair play".
Primarily because without the financial transfers and political credibility that comes with being part of a single UK, Scotland's economy would be much more vulnerable to shocks, and less able to raise funds cheaply in world markets to even out the bumps.
Audit inspections would help to restore some credibility to Chinese financial reports, and perhaps open up access to the capital markets again.
WSJ: Business Asia: There's No Accounting for China's Accounting
President NICOLAS SARKOZY (France): (Through Translator) When financial institutions have lost all credibility, markets are in chaos and panic reigns, people look to public institutions for a solution.
When he was appointed last November, it was to restore Italy's credibility on international financial markets, whose mirror image is the spread between Italy's benchmark government bonds and their German equivalents.
Recognizable names and brands go a long way in establishing credibility in our post-financial crisis world.
As owner, Mr. Murdoch will be fully accountable for the company, from the credibility of its brands to its financial performance.
We are destroying the world around us in the process, undermining our financial system as a consequence and destroying the credibility of the finances of nations in the process.
Lacking credibility, the firm replaced its chief financial officer and chief operating officer, yet RichardFuldRichard Fuld remains chief executive officer and has to find some way of reassuring the markets he has a firm grasp on the company's direction.
Lacking credibility, the firm replaced its chief financial officer and chief operating officer, yet Richard Fuld remains chief executive officer and has to find some way of reassuring the markets he has a firm grasp on the company's direction.
The fund suggests the low volatility of recent years may be owing to greater economic stability, improved central-bank credibility or the better dispersion of risks around the financial system.
Aside from draining financial resources, a flawed execution can cast doubt on management credibility, have a negative impact on morale, taint the brand, adversely affect external relationships, and cause a variety of other problems for your business.
Financial markets have not yet punished Mr Brown for the loss of fiscal credibility.
ECONOMIST: Gordon Brown's past imprudence is catching up with him
It is not the Fed's job to shield financial actors from risk, and Mr Bernanke no doubt realises that his credibility is at stake.
Cyprus's newly elected President, Nicos Anastasiades, has promised to secure a financial bailout, saying his top priority is to restore the country's credibility.
In this case, the Troika puts in question not just the credibility of deposit insurance per se but the safety of deposits in financial institutions against state confiscation.
There is as yet no evidence that market abuse has driven down financial firms' share prices and plenty that their trashed balance-sheets and credibility have.
And enshrining limits on borrowing and debt levels in national constitutions doesn't seem a bad way of restoring trust in the financial management of euro-zone governments, which don't have a great deal of credibility left.
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