31 Before asking what the future holds for us now, we must start from the recognition that there is a serious deficit in Europe, and especially in Italy, not only of growth but also of demand, hence of employment and incomes. Strong stimulus for investment, public and private, national and European, is accordingly essential.
The ILAF gradually transited into a full-fledged liquidity adjustment facility (LAF) with periodic modifications based on experience and development of financial markets and the payment system. The LAF was operated through overnight fixed rate repo and reverse repo from November 2004, which provided an informal corridor for the call money rate.