Italy has become the only issuing center of the country, received the right to control
the credit system and the rate of lira. Since 1936, he has become a "bank of banks".
The legal tasks of the Bank of Italy could be formulated only in general terms.
Its main functions before the creation of the ESCB were as follows: accumulation and
holding official gold and foreign exchange reserves; servicing the state account;
providing loans to credit institutions and government; с over the activity of credit
institutions and currency turnover; the implementation of a monetary policy, the
directions of which are determined jointly with the state treasury, the Committee;
сashless payments organization [2].
The most important developement for the Italian banking system in the last two
decades was the entry of the country into the European Economic and Monetary Union
and the introduction of the euro. The issue of the need to move to a single currency
reached its agreement between both center-right and left-centered forces of Italy. From
1 January 1999, the Bank of Italy became an integral part of the ESCB.
At present, the Bank of Italy is an organization that implements the policy of the
ECB. In addition, according to the ECB statute, the national banks handed over part of
their foreign exchange reserves. The foreign reserves available to national banks are
used by them to fulfill their obligations vis-à-vis international organizations. Other
transactions with these reserves above the limit must be agreed with the ECB. This is
considered necessary to ensure a consistent monetary policy within the framework of
the European Monetary Union.
Bringing the banking sector of Italy in line with the requirements of the new
European legislation was against the background of unfavorable economic and
financial conditions both in Italy itself and in the EU, as well as in other regions of the
world. The instability of the economy negatively affected the conditions and
performance of the Italian banking system. The actual stagnation of production activity
in the country caused a slowdown in lending growth.
To regulate the activities of the financial sector, the parliament of the country
has adjusted legislation to strengthen control over financial markets, to form a new
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