Università Cattolica del Sacro Cuore A Future for Europe. Conference in memory of Giacomo Vaciago  Monetary policy in the euro area: past, present and near future Speech by the Deputy Governor of the Bank of Italy Fabio Panetta  Milan, 6 April 2018  1. Introduction 1 The figure of Giacomo Vaciago is part of our country’s recent history.
However, most of them have failed to emerge from their low growth trends, due mainly to structural factors. In addition, the international financial markets are showing higher volatility, owing to uncertainty surrounding monetary policy normalization by the US Federal Reserve and the possibility of a recurrence of financial and economic unrest in emerging countries, combined with the UK’s Brexit decision.