ABSTRACT
‘If we examine the history of finance in Italy in the last one or two decades, we cannot but be astounded at the singular contrast between the relative stability of the institutional structure … and the far-reaching changes in the instruments of monetary policy.’ (C. Conigliani and T. Padoa-Schioppa, ‘Recent Developments in the Italian Banking System’, Banca Nazionale del Lavoro Quarterly Review, vol.29 (1976), p.349.)
