Taken together, these measures enabled Italy’s banking system – with just a few exceptions – to pass the European-wide comprehensive assessment. But even constant, incisive supervision cannot prevent the outbreak of financial ills, especially in a fragile economic environment. Italian and European law and the prudential supervisory model successfully ushered in by the Basel Committee promote the business independence of banks.
Also, because of relatively richer data in terms of detail, time, reliability and industry-specific price indices, among others, much research has been devoted to scrutinizing manufacturing, while the rest of the economy has faced less examination in spite of the fact that major productivity problems lie outside manufacturing.