For this reason, I believe in particular that structural reforms are necessary to increase the growth potential of an economy held back by too many obstacles – and they prevent it from achieving its full potential. 9. Italy has been the subject of intense market turmoil this summer.
It should contribute to the anchoring of inflation expectations and minimise false expectations on the part of financial markets and the wider public regarding policy responses. For these reasons, the monetary policy strategy has been a key device. It clearly specifies how the ECB’s policy objective is to be understood.