The gradual improvement in expectations has been slow to translate into a solid upturn in economic activity. The recession has left a burdensome legacy. Many Italian companies have managed to safeguard their shares of foreign markets and some have increased them; the current account is back in surplus, even on a cyclically adjusted basis.
I thank them for this. I accept my Honorary Doctorate with delight. I would like to dedicate it to the interaction between economic science and policy making. Tensions between economic science and policy? In my view, the interaction between science and policy has brought tremendous progress in both fields. We should be careful to maintain and improve this interaction when possible.