European data, this mechanism is linked to the use of unconventional monetary policies. •  20  Work with micro-level data on banking has a long tradition in Italy. Using granular data for a period from 2004–2013, one result of this research is that weaker banks have been lending to weaker firms during the Eurozone financial crisis.
As in every crisis, people are worried about the future. Risks from COVID-19 are real. The Bank remains alert and I assure you that we will continue to do whatever it takes for as long as conditions warrant to maintain price stability, orderly and balanced economic development as well as financial stability. 48. I now welcome your questions.