However, we also know, particularly from Asia, that fiscal and monetary rectitude is not sufficient. Many of those countries had strong fiscal positions and sound monetary policy, but still suffered from international financial uncertainties. Microeconomic and financial policies must also be credible.
Can you suggest how Italy can regain its diminished competitiveness? “My responsibility – the responsibility of the Executive Board together with Lorenzo Bini Smaghi and Governing Council together with Mario Draghi - is for the euro area as a whole, for our 330 million fellow citizens. For the Italian diagnosis I rely very much on the analysis of Banca d’Italia and of Mario Draghi.