BIS central bankers’ speeches  5  to studies by the Bank of Italy, the overall effect on Italy’s GDP of the measures I have listed can be estimated at a little less than three percentage points in the two years 2012–13.
time lag in interest rate setting, excess liquidity and aggressive lending in some banks, and shallowness of domestic financial market. Aggregate liquidity and monetary aggregates have already declined substantially, e.g. M1 growth downed from around 22% in January 2013 to 9% in April 2014 (Graph 11), even though liquidity is not evenly distributed among banks.