In 2024, liquidity on the current accounts of Italian households and enterprises resumed to increase following a two-year period of contraction. The overall balance was 1,363.6 billion euros, up 19.8 billion from the previous year (+1.5%). This recovery reverses the trend from the two-year period 2021-2023, when inflation and rising living costs depleted liquid savings, resulting in a drop of 136.3 billion (-9.2%) from the peak in 2021. Nonetheless, current levels are 116.5 billion (-7.9%) lower than three years ago. Another encouraging indicator is the real estate market: the ECB's rate reduction resulted in a 5.3 billion (+1.3%) increase in mortgages for home purchases in the last seven months of 2024, interrupting the decline phase that was observed in the first half of the year. Increased liquidity and the recovery of mortgages could have a beneficial impact on the Italian economy, promoting consumption, investment, and the real estate market. Nevertheless, the ECB's monetary policy has maintained a negative aggregate balance sheet since 2021. Credit to individuals has decreased by nearly 60 billion (-4.5%), while loans to businesses have decreased by 10%.