ABSTRACT
Banker As governor of the Bank of Italy (see Banca d’Italia) from 1948 to 1960, Menichella deeply influenced and often directed economic policy of Italian governments during the period of reconstruction, thus laying the foundations of the subsequent economic boom. Fiercely independent of both political parties and economic lobbies, and with a high sense of his office as a civil servant, he bravely defended the central bank’s autonomy. A man of extraordinary integrity, he had spent his prewar years at the Bank of Italy and then at IRI as general manager. Having experienced bank failures and financial disasters at first hand, he always considered financial stability the safest condition for lasting economic growth. Although a strong believer in the market economy, he also thought of currency and credit as public goods to be safeguarded by the state. In 1960, during Menichella’s last year as governor, the Financial Times proclaimed the Italian lira ‘star currency of the year’, thus marking both a great historical achievement and the culmination of a most distinguished career.
