While a decision to change rates has for many years been accompanied by a pretty detailed explanation in our  BIS Review 147/2007  3  case, a decision not to change rates often meant that we had little new information to impart. We adhered to the old adage “when you have nothing to say, keep your mouth shut”. These reservations were valid.
Focusing on the first wave of infections, simulation results show that the public policies implemented in Italy to support workers and households during the first half of 2020 were successful.