In an environment of extremely low interest rates, common to all the advanced countries, fiscal policies play a 2/7  BIS central bankers' speeches  particularly important role. From this perspective, the European spending package to help the ‘Next Generation EU’ must enable the rapid distribution of the resources envisaged to individual countries, to be used for timely and effective structural programmes.
Financial intermediation The climate of uncertainty that has spurred an increase in saving is also reflected in banks’ balance sheets. In the twelve months ending in September, households’ deposits rose by 5.6 per cent (almost € billion), and those of firms by 24.4 per cent € billion).