We must not stop, much less go back, because our future growth depends on this. My second point turns on the relationship between cyclical movements and economic policy priorities, especially those of fiscal policy. It is about the choices that can shelter our country from the uncertainties of the global economy versus those that on the contrary could exacerbate them.
With all these provisos the improvement in the economy is real; so what should we do with this ‘cyclical dividend’? The answer that the Governor of the Bank of Italy gave a few weeks ago in his concluding remarks is clear.