An increase in the resources dedicated to the renovation of existing public and private buildings, the prevention of hydrogeological risks, and the reduction of earthquake damage would have appreciable effects on employment and economic activity, and to a greater extent in the Centre and South. This is not a task that the State can undertake on its own; the private sector must be involved.
Macroprudential powers were assigned to the ECB when European banking supervision came into being. This sounds straightforward, but it is not. First of all, the ECB does not have exclusive powers. It shares them with the national authorities. And this makes sense. After all, there is a national angle to systemic risk: financial cycles and structures vary across countries.