Not a few considered acceptance of the external constraint as providing powerful support in curbing the factors − rents, wages and public expenditure − that prevented Italy from definitively overcoming an emergency that had lasted too long not to threaten the stability of the country’s institutions.
Baffi’s position was cautious: he recognized that belonging to the European Monetary System could help to bring down inflation, but he believed that this should be the result of agreement on domestic policies and that a start should be made before entering into the exchange rate commitment.