Even the spread between mortgages of over € million and the small-sized ones, up to € has got smaller. Positive effects can also be seen in lending volumes. Our Bank Lending Survey points to similar trends. On the whole the attitude of Italian banks with regard to lending has changed; lending standard have become easier and continue to improve.
It is for this reason that we try to be clear and open about our actions and operations. 3. On the policy front, our efforts at sustaining macroeconomic stability continue to yield dividends. Thanks to continued fiscal restraint and the tight monetary policy stance, we have been largely able to anchor 2 inflation expectations while the economy is becoming more resilient to external shocks.