The page commemorating Giacomo on the Catholic University’s website opens by noting that ‘students who attended Giacomo Vaciago’s lessons on Monetary Economics and Political Economy were very fortunate, because they learned things that are not in the textbooks’.
As far as the economy overall is concerned it is fair to say that, since the level of economic activity collapsed in 2008–9, the elevated level of personal savings, the need to repair the public finances and for balance sheet repair more generally has meant that domestic demand has continued to shrink year-on-year.