Investment per worker fell by almost 9 per cent in Italy, compared with an increase of 2 per cent in France and 8 per cent in Germany. Over the past few months the first signs of a stabilization in employment and an increase in hours worked have emerged.
This discussion highlights the importance I attach to financial stability as one of the core mandates of any central bank. In this context, I agree with Blinder’s conclusion that important supervisory responsibilities should remain with central banks (Question 5) . This conclusion stems directly from the strong complementarities that exist between the macroeconomic prudential surveillance framework and the microeconomic supervisory responsibilities.