Inflation expectations held firm even at the height of the crisis, allowing us to take action to keep the markets working, support lending and avert the collapse of the economy. Money market rates were reduced to close to zero; exceptional liquidity creation measures were adopted. Without the Union, simply coordinating national decisions would not have produced such rapid and effective results.
Sustainable growth  Now I will turn to the long term: Today the economy is at a very important crossroads. We are obligated to safeguard the enormous achievements of the economy, and the confidence that investors have in us, in order to improve the chances that this growth will continue in the long run.