Since 2000 Italian exports have contracted by 4.9 per cent, while the exports of the other euro-area countries have grown by 17.2 per cent. The problems of competitiveness have continued to weigh especially on firms in the Centre and North and on smaller firms. Price strains have not emerged.
To that end, the central banks stand ready to provide the envisaged support to the European Systemic Risk Board, just as I am sure the national supervisory authorities will be fully supportive of the European Supervisory Authorities. The smooth cooperation and exchange of information between the ESRB and the ESAs will foster the effectiveness and thus the credibility of the new framework.