The performance of Italian GDP last year was broadly consistent with our estimates, as we reported in our last Economic Bulletin (Figure 5). Of course, monetary policy cannot work alone.
Its positive impact on the performance of the Italian economy was possible in light of the reforms implemented at the national level, such as the reform of the labour market, the emphasis on the spending review, the gradual reduction of the tax burden. Inflation responded positively to the programme in the first three quarters of 2015.