The debate may not have changed significantly the chances of victory of the two coalitions.
Despite oil price tensions and strengthening domestic demand, the inflation performance remains subdued. Barring another oil spike, the headline rate is likely to ease further during the course of the year.
It was much more balanced than the first debate which Berlusconi clearly lost. This time I think there was no clear winner and I'm sure both sides will claim victory.
Policy makers are not doing their job properly in order to support the euro.
At the margin, the change may be perceived as a small, dovish shift for the ECB governing council.
The underlying trend is encouraging and will likely continue.
The government was very reluctant to take a position because it's a very delicate situation, but now they are really turning the pressure on.
There are a number of countries that are increasingly uneasy about competitive pressures coming from Asia, and the softening of domestic industry.
Services and probably consumer spending drove the increase in GDP. It makes a rate cut less likely for the moment.
With a long-term horizon it will certainly change the situation, not only in Japan but globally ... because reduced liquidity is available for purchase of financial assets.
