Lower interest payments allow us to begin to reduce the public debt without slowing the economy – essential for a country like Italy, which has such a large accumulated public debt. Cyclical stimulus enables the short-term costs of structural reforms to be lowered, creating the conditions to accelerate their implementation and making it easier to revive and complete them.
1 Now, as my claim to celebrity status is as tenuous as any claim I may have on wisdom, I am going to be extremely brief in my remarks: I don’t want to bore anybody, as I won’t be able to deflect subsequent criticism elsewhere. 4.