Universities also feature prominently: 22 per cent of the projects submitted hail at least in part from the world of academia. The response to the call for proposals has been very positive. It has served as a further source of stimulation for the Bank of Italy in helping the financial system to face the challenges posed by the technological innovation process.
Carolyn and I are pleased to be here with you today to discuss the July Monetary Policy Report, which the Bank published this morning. Before we take your questions, let me take a minute to share our thinking around how our quarterly analysis of growth and inflation feeds into our monetary policy decisions.