According to the principles derived from the European framework of harmonized legislation, from 2005 onwards listed companies, and banks and financial corporations will have to draw up their financial statements in compliance with the International Accounting Standards. In Italy the process of adapting our legislation, including civil and tax law, is under way.
As shown in figure 3, a recent study estimates that the QE programs along with increasingly explicit forward guidance have reduced the unemployment rate by 1-1/4 percentage points and increased the inflation rate by 1/2 percentage point relative to what would have occurred in the absence of these policies.