. let me however make one observation that applies especially to tailored macroprudential policies, i. e., the ones that are aimed at preventing instability in specific markets. such measures, i would argue, are best seen as working, not as a restraint on, but as a complement to, monetary policy. the latter is, by nature, pervasive, and as such it can have unwanted side - effects in certain areas or markets. should such pockets of vulnerability emerge, authorities can activate tailored macroprudential policies to tackle them. in this context, macroprudential measures do not aim at “ neutralizing ” the effects of monetary policy. rather, a targeted use of macroprudential tools creates more room for manoeuvre for monetary policy to follow its price - stability mandate. recently, various euroarea countries have adopted macro measures to contain imbalances in the real estate sector, sometimes in response to the esrb ’ s warnings or recommendations. this is, in my view, a successful example of how monetary and macroprudential policies can complement each other. * * * 2 / 3 bis central bankers'speeches it is time for me to close this address. i look forward to the valuable exchange of experiences, insights and evidence that will take place during this conference. i am sure it will help us improve our understanding of the way macroprudential tools can be best used to satisfy our financial stability mandate, and to complement other macroeconomic tools. i thank you all for your participation and your attention. 3 / 3 bis central bankers'speeches

loss of the strength and credibility needed to counter inflation successfully in the future. however, as i have recently argued, we should not overemphasize these risks today. failure to continue acting in accordance with fiscal policy to support households and firms and raise aggregate demand to the levels needed to regain convergence towards our price stability objective could even threaten independence for the opposite reason. not only should we not end up being accused of failing to fulfil our duties, but we should explicitly recognise that cushioning the consequences of such a huge shock goes beyond the possibilities and instruments of fiscal or monetary policy alone. a coordinated effort is required and its effective implementation in the majority of countries is a major achievement. a further relevant topic that will be discussed in the third session of the workshop refers to the long - term consequences of the crisis on the structure of our economies. it is difficult to predict how the world will look after the pandemic wanes, which changes in consumption habits will persist, how production and labour will be re - organised. a substantial reallocation of capital and labour in the near future across sectors and firms, however, is likely. these adjustments may be painful and lead to temporarily higher unemployment, discouragement and low labour market participation, inefficient matches of workers with firms. several contributions to the workshop discuss instruments that might favour or hamper these adjustments. in particular, the second invited lecture provides an insightful review of the long process of labour market reforms experienced by our economies, with a focus on the role of temporary jobs. a last issue concerns the urgency to restore pre - crisis output levels and to achieve a satisfactory growth pace in europe. a few papers in the programme analyse the key role, in this perspective, of firms ’ innovation strategies and workers ’ efforts. the effectiveness of these key drivers of potential output needs to be enhanced significantly, in italy as well as in other european countries, by sustained public and private investment in modern infrastructures, in green technologies, in education and research. following the political agreement reached two weeks ago, the opportunity to achieve growth objectives through a prompt, targeted and effective use of the resources allocated for the “ next generation eu ” must not be squandered. * * * 2 / 3 bis central bankers'speeches let me conclude by thanking the organisers and the scientific committee for having put together a rich and interesting programme, and let me welcome all the presenters, moderators and other participants to the event. the fact