30  The Governor’s Concluding Remarks Annual Report 2019  BANCA D’ITALIA  Figure 5  Discretionary budgetary measures in response to the epidemic (per cent of GDP)  5  5  4  4  3  3  2  2  1  1  0  Germany  France  Italy  Netherlands  Spain  Euro area  0  Sources: The European Commission for the euro area and the Netherlands; national Stability Programmes for Germany, France, Italy and Spain (April 2020).
We were honoured by the presence of His Excellency Tito Mboweni, who had just retired as Governor of the South African Reserve Bank (SARB). He shared with us his rich experience at the helm of SARB. These illustrate the new orientation that the Bank has taken during the last two years.