Judgment, experience, exposure limits, and procedures for exceptions are also significant and, at times, critical, and it is important that these more traditional elements of risk management continue to play key roles.
A number of recent comprehensive reports2, notably by the Banca d’Italia, ISTAT, Confindustria, and various Italian think-tanks, have emphasized a broad range of institutional and economic factors behind the Italian labour productivity-competitiveness problem. Some of them are discussed at your conference today and tomorrow.