The contribution of the Financial Intelligence Unit is fundamental. We have operated properly and with diligence and care, within the scope of the law; we welcome constructive comments. In 2012 the Bank of Italy considerably increased the volume of its assets, participating in exceptional single monetary policy interventions, particularly the expansion of bank refinancing operations.
As a result, the 4 major central banks’ divergent monetary paths, which have been the dominant theme in the financial markets since the start of the year, seem to be off the table for now. Indeed, at present, there is a shift from “monetary policy divergence” to “financial markets divergence” through stockbond markets.