The Governing Council of the ECB has introduced targeted refinancing operations and a negative interest rate on the deposit facility
In the euro area economic growth is still weak, intermittent and uneven among the member states; inflation continues to fall. The Governing Council of the ECB has taken steps to ease monetary conditions further and to support lending. The monetary policy measures have had an immediate impact on market interest rates, the exchange rate of the euro and the capital flows to many euro-area countries, including Italy. As the banks progressively make use of the new refinancing operations, a further expansionary effect may ensue.
In Italy the situation is still fragile, despite some encouraging signs
During the winter months economic activity reflected the contraction in energy production, which was due to some extent to the mild weather, and the continuing weakness of the construction industry. In May industrial production dipped unexpectedly throughout the euro area, partly owing to calendar effects. The continuing stagnation of economic activity is in contrast with the business and household confidence indicators, which have been picking up again since the spring. Business opinion surveys carried out in recent months show an improvement in investment plans, notably in industry.
Our projections point to hesitant growth, conditional on a strengthening of domestic demand
Our projections for the Italian economy in 2014-15 presented in this Bulletin suggest a moderate recovery, but not without considerable uncertainty. The gradual return to growth depends on the good performance of international trade and the revival of domestic demand, which will benefit from the diminishing restrictive effects of the fiscal adjustment of previous years, the fading of uncertainty regarding demand and the expansionary stance of monetary policy. Domestic demand should also draw strength from the support measures for lower incomes and the accelerated payment of general government commercial debts.
0.2% Italy Jun 14/Jun 13
0.5% Area May 14/May 13
-0.1% Italy Q1 2014/ Q4 2013
+0.2% Area Q1 2014/ Q4 2013
$ 1.3481 22 Jul 2014
¥ 136.93 22 Jul 2014
ECB interest rates
(Main refinancing operations)
|The Italian economy in brief||
Euro area growth indicator
The Bank of Italy shares its knowledge and experience with the central banks and financial authorities of the emerging countries, supplying staff training activities and technical consultancy.Further details
The 1893 Banking Law (Law 449 of 10 August 1893) created and set up the Bank of Italy. On its 120th anniversary, the TV channel Rai Storia (channel n. 54) has produced and broadcasted "Una giornata particolare - La Banca dell'Italia" ("A Special Day - The Central Bank of Italy") a documentary that retraces some of the events of its establishment, through the accounts of Bank of Italy's Deputy Governor Salvatore Rossi and of economist Marco Onado.Video (only in Italian)
This section is aimed at persons interested in developing their economic and financial knowledge and at those who, as savers and users of banking services, wish to enhance their financial culture.Click here
By making its art collection available on its website the Bank of Italy offers the general public the opportunity to view and admire the most important works in its possession.Click here
The Bank's geographical organization consists of 58 Branches located in the regional capitals and in some provincial capitals.
The Branches' activities relate to the State treasury service, banking and financial supervision, banknote circulation, payment system and economic analysis and statistical surveys at the local level.Go to the Branches