This consideration must be seen against the substantial slowdown in the accumulation of capital since the crisis erupted. Public and private real investment fell in Italy by over 30 and 25 percent, respectively, between 2007 and 2013, well above the already high average of 20 percent recorded for the euro area as a whole. 2  BIS central bankers’ speeches  16.
It can complement, but not replace other pillars such as greater transparency, policies on consumer protection and regulation of financial institutions. I do hope that in our collective interest the issues raised in this Conference are operationalised and translated into grass root level initiatives. 6  BIS Review 107/2006