The foreign assets of the largest five Italian banking groups rose from 11 to 41 per cent of their combined assets, a figure comparable to that in the other countries I have just mentioned. The increase was entirely due to a single acquisition.
But we also announced that we expect to raise the key interest rates again in September, and “if the medium-term inflation outlook persists or deteriorates, a larger increment will be appropriate at the September meeting.” This reflects the optionality principle. If the inflation outlook does not improve, we will have sufficient information to move faster. This commitment is, however, data dependent.