We now see it in wage inflation, which at the euro area level is now in line with our projections. What remains is converting the wage inflation into price inflation. Our projections say that this will happen in the next couple of years. Coming back to a country like Italy: it has been growing very slowly for a very long time now, 20 years.
How do you think it can grow faster? When the discussion is about how to improve long-term economic performance over a longer time period, over ten or twenty years, the primary focus should not be on monetary policy but on other policies. Monetary policy is very important, but tends to have a temporary effect.