In the Bank’s interim assessment in July of the April 2013 Outlook for Economic Activity and Prices (hereafter the Outlook Report), the median of the Policy Board members’ forecasts for the economic growth rate is a somewhat high 2.8 percent for fiscal 2013 due to the effects of various economic measures and the front-loaded increase in demand, 1.3 percent for fiscal 2014 partly due to the subsequent decline in demand, and 1.5 percent for fiscal 2015.
BIS central bankers’ speeches  3  “Super ACE”;8 available studies indicate that such a measure would have a considerable impact without necessarily crimping revenue significantly.9 The growth of the stock exchange would improve the efficiency of the entire Italian capital market, enhancing firms’ ability to finance medium- and long-term investments.