Others foresee a radical fiscal consolidation. The two are very complementary to ensure a return to growth after the unavoidable contraction in economic activity. WSJ: But some people say Greece is really suffering depression-like conditions, GDP off 15% or 16% peak to trough.
Many central banks and supervisory agencies are experimenting in this area.40 At the Bank of Italy we are exploring the use of new technologies in supervisory activities: specifically, we are testing ways in which artificial intelligence can help in forecasting economic and financial variables, understanding changes in investors’ sentiment, and improving the effectiveness of anti-money-laundering activities.41 Conclusions A more diversified financial system, with banks and non-bank financial institutions complementing each other, can improve resource allocation and promote growth.