In reality these numbers underestimate the seriousness of the credit crisis that hit Italy from mid-2011 until a few months ago. In this environment, the ability of the ECB to deliver price stability for the euro area as a whole was severely challenged.
1995–2022 Inflation-targeting era of 2% (well-anchored inflation expectations)  10 8  [Grab 6 your 6 reade 4 4 r’s Low inflation attent expectations 2 2 ion(early 1970s) with 0 0 a 4 6 8 10 4 6 8 10 12 14 Unemployment Unemployment rate (%) great rate (%) 3 quote monthly data points for core inflation and the unemployment rate.