While there could be further volatility in inflation in coming months, our core measures remain firmly around 2 per cent. Of course, the outlook remains subject to important risks and uncertainties. Let me highlight two issues: trade and household indebtedness.
2  I benefited too from the valuable support of the Italian Representative Office in Tokyo, not only as a Bank of Italy manager, member of the Board and Governor, but also during my missions to Japan when I was the OECD’s Chief Economist during the difficult years of the Asian financial crisis.