In 2005 more than 15 per cent of the monthly consumer spending of the poorest 20 per cent of the Italian population went for goods and services now the subject of liberalization measures: € out of a total of € half of which was for energy in various forms.
As for the date at which tightening of monetary policy is likely to occur, market participants, armed with this new information about the Committee’s “reaction function,” can form their own judgment and alter their expectations on timing as new information accrues over time.