For reference, the median of the Policy Board members’ forecasts in July for real GDP was 2.6 percent for fiscal 2010, and 1.9 percent for fiscal 2011. 2 B.
On the other hand, the historical experience of countries like Italy, where monetary policy and banking supervision were concentrated in a single institution – the central bank – shows that the independence attributed to the two functions by law and by social norms tends to be mutually reinforcing when the two are put under the same roof.