And third, you could even ask whether the shifts in the age structure are at all relevant for the central banks’ objectives. Let me illustrate the first complex, namely the indicators, using the example of monetary policy in the Eurosystem. As you know, the European Central Bank follows a two-pillar strategy. Under the first pillar it defines a reference value for monetary growth.
The outcome of the judicial proceedings now under way is awaited. Although the institutional integrity of its supervisory structure was unscathed, the Bank of Italy has been wounded.