Fiscal policy options can also be limited, especially if there is a trend of ageing population or decrease in working age population. In the case of structural imbalances, even fiscal policy measures can be of reduced efficiency. Policy makers must keep in mind the macroeconomic context.
The document envisages solutions consistent with the orientation of the Community. In line with the purpose-based allocation of functions, secondary legislation and controls concerning conflicts of interest would be entrusted to Consob. This will require close coordination with the Bank of Italy, which would remain responsible for all the prudential aspects concerning intermediaries’ organization and internal controls. 5.