great recession, San Marino's public finances were in very good shape, with a central government budget surplus and no national debt. During the global downturn, the government adopted measures to dampen the shock on the real economy and to bail out financial institutions, which came at a high price for the soundness of public finances. The official estimates place government debt at 32% of GDP in 2020, however, the actual value is equal to 86% according to the International Monetary Fund, which takes a broader view in considering government's liabilities. While San Marino does not issue public debt securities that are traded on financial markets, its creditworthiness is monitored by the rating agency Fitch. The current rating of BB+ is the result of several downgrades that occurred during and after the great recession: from AA to A in 2009 and to BBB in 2016. Economic relations with Italy and the EU In the years following the Italian unification of 1861, several treaties were signed between San Marino and the newborn Kingdom of Italy. The first such treaty addressing economic issues was signed in 1865 for the introduction of the Sammarinese lira, which was equivalent to the Italian lira and fully recognized as a legal tender in both countries. Probably the most important agreement is the convention of friendship and good neighborhood that was signed in 1939, during fascism. This treaty establishes a customs union with Italy and sets out some limitations on the carrying out of certain economic activities, like tobacco cultivation, gambling, and radio broadcasting. While San Marino is not part of the European Union, it had a customs union with it since 1991, and there is an open border between the two areas. San Marino also uses the Euro as its currency since 2000, when an agreement was signed with Italy, on behalf of the EU. A new monetary convention was signed in 2012 directly with the EU, covering a wider range of financial and monetary issues. San Marino is also allowed to mint Sammarinese Euro coins, which are printed by the Italian mint in Rome but feature a different national design than Italian Euro coins. Since they are minted in a very limited amount, they are rare and highly appreciated by coin collectors. The main commercial partner of San Marino is Italy, with which around 88% of exports and 78% of imports take place (2017). Other important