The Institutional and Analytical Framework

  • Pierluigi Ciocca


Among the causes of change we cited in the previous chapter were the impulses transmitted by the world financial system to Italy’s increasingly open economy. We also referred to the Italian economy’s own needs, expressed amidst acute tensions as it changed, in some ways falling into line with the trends in the other leading economies and in some ways diverging from them. Alongside these forces and in relation to the capacity of Italian bankers and financiers to adapt and bring in the new, we must examine how the financial system has been governed. During the period under scrutiny, governance was a very important factor, with the contributions of Parliament, the executive, the independent authorities and the Bank of Italy. The transformation of the financial system was realized by market forces, but it was also accepted, influenced and spurred by economic policy in all its manifestations: regulation, taxation, supervision and the promotion of competition.


Central Bank Financial System Risky Asset European Central Bank Financial Asset 
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© Pierluigi Ciocca 2005

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  • Pierluigi Ciocca

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