Mr. Marco Buti:

From what I have indicated before throughout my testimony, it was successful considering the kind of predicament we had at the time or the kind of remit and institutional responsibilities that we had at the time. We signalled a number of underlying disequilibria which were brewing in the system. We underlined a number of risks. We could not pursue it fully because we had limitations in terms of the tools for monitoring that we had at the time.

Unfortunately, and most important of all, we had no enforcement power for going beyond first-order developments.

This is what we did at the time. In retrospect, one can certainly see that had we had a more correct or more complete view of the behaviour of the economy, and if we had had what was put in place later on - that is, a more complete set of tools, including enforcement tools - then we would definitely have done a better job.