Now, a tight monetary policy is needed in order to restore price stability in a timely manner.If this entails financial burdens, we will have to – and will be able to – cope with them. The burdens will pass, and we will be able to subsequently start making profits again. The Eurosystem must now do what needs to be done.
For all of them, the Bank of Italy has lifted the requirement to submit individual reports on the self-assessment of liquidity and capital adequacy and streamlined disclosure requirements for the use of external providers. Internal controls are also inspired by the proportionality principle, as intermediaries can make their control functions nimbler, provided this is consistent with their risk profile, scale and operational complexity.