If Italy’s research system were larger and better organized, greater resources could be obtained from such programmes.
Inflation, which was close to 20 per cent in the early 1980s and still as high as 5 per cent in the first half of the 1990s, reached 2 per cent in the two years prior to the adoption of the euro and stayed around that level until a few years ago; the more recent risk of deflation has been averted thanks to the monetary policy measures in place since 2014 (Figure 12).