With this first three-year operation, Italian banks received gross funding of € billion, corresponding to net refinancing of € billion. The inflow of long-term liquidity substantially eased the funding tensions. The second three-year refinancing operation, scheduled for 29 February, will further sustain the supply of credit.
  Over the projection horizon, business investment is expected to remain strong, household spending to grow more in line with disposable income, and net exports to become more supportive of growth.