Research carried out at the Bank of Italy on the Italian experience in Public-Private Partnerships (PPPs) since the mid-nineties highlights the difficulties that emerge in structuring these operations, due above all to pitfalls in the regulatory framework and limited availability of data.
The traditional view is that you only begin to tighten monetary policy when things have become, or clearly will become, overheated or, in other words, out of control. The tightening in those circumstances is a sign that something has gone wrong and is, in effect, an admission of policy failure. Hence, the ample scope it provides for criticism, particularly in the political arena.