Italy’s competitiveness is not suffering from an overvalued currency; the current account in the balance of payments is in surplus; our spending power has been defended. The European rules on the public finances contain some elements of flexibility, to be invoked by always paying careful attention to the scale and rollover of the debt.
Seventy-five years is a relatively short span for an institution. Even so, the journey since its establishment in 1935 has been eventful for the Reserve Bank, shaping not only its intellectual evolution but also securing its preeminent position in the economic policy space of the country.