One contributory factor, counting for nearly 4 percentage points, was Italy’s direct and indirect support to the financial adjustment of other euro-area countries.
Our [initial] exit plan was a beautiful one: as soon as the economic conditions improve, [we will implement] a long series of 25 basis points (bps) increases, bringing back to policy rate to 3.5 percent to 4.0 percent. But as they say, it is very hard to predict, especially the future.