The cautionary tale implied by the crisis is that central banks should keep in their toolkit many instruments that may be necessary in stressful situations. Let us not assume that crises will not happen again. As Voltaire said “We should not insult the future by trying to foresee it”. 54  See Blinder, Ehrmann, de Haan and Jansen (2016).
It has enabled Italy, as well as the other eleven economies, to enjoy a historically low cost of money. This is a considerable advantage that should be fully recognised.