If that be so, as indeed it is, the question, especially, but significantly, when one also considers the fact that only 2% of the notional principal amount of the outstanding IRS is accounted for by the real sector i.e. business customers, it begs is what then is 98% of this Rs. 50 trillion+ IRS market being used for.
The ECB cannot but continue to act for these objectives. Italy must continue the work it has already begun on two fronts: the public finances and structural reform; it must be prepared to seize the opportunities offered by the stabilization of financial market conditions. The crisis has impelled us to address the problems that have bridled our economy for so long.