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Archive » January 2026 » Banca d’Italia’s independence in the political and economic spheres

Banca d’Italia’s independence in the political and economic spheres

Luigi Federico Signorini
January 2026 - n. 1
Keywords: Banca d’Italia, politica economica, Giovanni Spadolini
Jel codes: G20, H60, B31

The concept of the autonomy of the Central Bank, as it is understood today, was born in the Seventies and is linked to the fiduciary nature of the currency. In a system in which the value of money is based on the trust of those who use it, the independence of the Central Bank is a necessary condition for maintaining that trust and allowing money to play its role. Spadolini knew this well and demonstrated it in his government action. The autonomy of a central bank needs to be established by robust rules and confirmed by consistent practices. The temptation to overcome it, subjugating the monetary function to heterogeneous needs, is always present; but it involves both short-term and long-term risks, of which it is good to be aware.

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