I am aware that there are several other important issues beyond what I have raised. I hope and trust that we will have an opportunity to discuss all these issues. I wish you all a rewarding learning experience over the next two days. 6  BIS Review 153/2008
According to our estimates, the inflationary effect in Italy of a shock of this kind has been reduced to one tenth of what it was in the 1970s. Of course, structural changes in production processes have played a part, but the credibility earned by monetary policy and the resulting changes in price and wage setting have played a crucial role.