This has been encouraged by significant interest differentials in favour of the borrowing country, and an exchange rate regime that has masked the risk of exchange rate changes. Thus, when growing payments imbalances, or some external event, causes investors to re-evaluate the sustainability of exchange rates, there is liable to be a sudden withdrawal of funds.
This has been his way to be in the world and to search for truth. In 1998, Tommaso joined the European Central Bank (ECB) to serve a currency and an institution that few had believed would be created in time according to the Treaty. A currency and an institution he had contributed to design when he was a rapporteur of the Delors Committee.