The support of fiscal and monetary policy to aggregate demand will necessarily continue in the foreseeable future, also to counter the substantial increase in precautionary saving brought about by the surge in uncertainty produced by the pandemic. 6. For Italy, however, addressing the problems that have restrained growth for about 30 years is equally important.
To this purpose, as I have argued many times, it is essential to implement reforms aimed at creating a more business-friendly environment, by raising the quality and efficiency of public services, increasing the level of public investment, improving civil justice, reducing the administrative and bureaucratic burdens that hamper private investment, lowering the weight of tax evasion, corruption and other criminal activities.