Banca d’Italia - History

Skip to main content Open navigation menu Home page Cerca nel sito | EN IT Vai alla versione italiana History Banca d'Italia was founded in 1893 as part of an overall reorganization of Italy's banks of issue. In 1926, it became the sole institution authorized to issue banknotes and was given powers of banking supervision that would be broadened and strengthened by the 1936 Banking Law. This law recognized Banca d'Italia as a public-law institution and was the fundamental legislation on Italian banking until 1993, when the Consolidated Law on Banking was enacted, which is still in force. A crucial passage in the Bank's history was the stabilization of the lira in 1947, which put an end to post-war inflation and created the monetary conditions for the 'economic miracle' of the 1950s. The 1948 Constitution also enshrined the principle of the 'protection of savings'. Following the shocks to the international monetary system and the lira of the 1970s, Italian disinflation was assisted by stronger legal safeguards for the central bank's independence. The re-establishment of the stability…