Although the "fiscal dominance" alarm bell may now be ringing for some of you, these considerations do not suggest that central banks have become dependent on national governments, but rather highlight the importance of the complementarities between fiscal and monetary policies.
These complementarities not only concern the response to the deflationary pressures that we observed before and during the pandemic, but also affect, as we speak, the fight against inflation. The experience of Italy, in this respect, is particularly insightful. In this country, the "conquest of inflation" took a long time, as we lived through the two dismal decades of the 1970s and 1980s.