These reforms would yield important results but, for an advanced country like Italy, they would not be sufficient. 7. When a country approaches the technological frontier, its income and wages no longer allow for a development strategy based only on cost and price competition.
As usual, my remarks are entirely my own and do not necessarily reflect the views of the Bank of Mexico or its Governing Board. Monetary policy divergence Central banks guide their actions according to the developments and outlook of their own economies.