The revision lifted estimated household saving by $ billion, or about 5 percentage points of income, from the previous estimates. The net saving rate is now seen at some 9–10 per cent of income over the past year or two, up from about −1 per cent five years ago.
In order to cope with these challenges, the Bank of Italy has recently launched its Milano Hub initiative, a new form of innovation facilitator that aims to be a link between authorities, firms and the academia and to foster wide private and public initiatives that help the transition to digital of the Italian financial system.