There is no denying that the prime responsibility for putting their public finances and banking systems in order rests on the single countries. Italy is fully aware of this necessity and will do its part, as it always has.
The monetary policy paradigm before the crisis  We do not know yet to what extent the pre-crisis consensus macroeconomic framework has been de-constructed by the crisis. But we do know that the “hubris” of the intellectual paradigm on which that framework was erected has completely vanished. Some aspects of the framework, in my view, will undoubtedly survive the crisis.