ABSTRACT

The Banca d’Italia has often been described as the least independent among the group of independent central banks, or, to put it another way, as the most independent of the dependent central banks (Financial Times, 22 November 1989). Before the legislative changes introduced in the 1990s in preparation for EMU membership, the Banca d’Italia used to score very low as far as economic independence was concerned, whereas the procedures for the appointment of the Governor and the other members of the Executive Board gave the bank a high ranking for political independence (to be precise, personnel independence).