Modern Italy is a democratic republic. It has been ranked the world's twenty-third most-developed country and its Quality-of-Life Index has been ranked in the top ten in the world. Italy enjoys a very high standard of living, and has a high nominal GDP per capita. It is a founding member of what is now the European Union and part of the Eurozone. Italy is also a member of the G8, G20 and NATO. It has the world's seventh-largest nominal GDP, tenth highest GDP (PPP) and the sixth highest government budget in the world. It is also a member state of the Organisation for Economic Co-operation and Development, the World Trade Organization, the Council of Europe, the Western European Union and the United Nations. Italy has the world's ninth-largest defence budget and shares NATO's nuclear weapons.
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