However, bubbles have often emerged since central banks just won the battle against inflation. As I mentioned earlier, Japan first experienced that problem in the second half of the 1980s. Around that time, Japan delivered a remarkably good macroeconomic performance, compared with other advanced countries. Real GDP growth reached 5.1 percent in Japan, while the average of other G-7 countries stayed at 3.4 percent.
To make the transition to the new rules easier for banks, the Bank of Italy will set up a help desk to explain how the rules are to be interpreted and to ensure that intermediaries implement management policies consistent with achievement of the new requirements.