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Economic activity in the euro area has lost momentum - The recovery in the euro area has faltered. Inflation has fallen to exceptionally low levels. In recent weeks global financial markets have been volatile again. The governing council of the ECB has lowered the official rates and launched a programme for the purchase of asset-backed securities and covered bonds; it has reaffirmed its intention to adopt additional measures if necessary.

Economic activity remains weak in Italy - After basically stabilizing in the second half of 2013, Italy's economy began to weaken again in the first half of this year, affected by the continuing fall in investment. Household consumption instead improved, albeit to a limited extent. One factor in the fall in inflation, which turned slightly negative in August and September, was the trend in the core components in response to the weakness of economic activity.

The recovery of domestic demand and the contribution of economic policy are vital - The prospects for economic activity and price stability depend on the recovery of domestic demand and of private and public investment. Monetary policy will remain expansionary for a long time to come. Fiscal policy can play a decisive role in improving macroeconomic conditions throughout the euro area by exploiting the room for manoeuvre of national policies and incisive action at EU level.

Further details

Economic indicators


-0.1% Italy Sep 14/Sep 13

0.3% Area Sep 14/Sep 13

GDP growth

-0.2% Italy Q2 2014/Q1 2014
0.0% Area Q2 2014/Q1 2014
Exchange rates
$ 1.2659 24 Oct 2014
¥ 136.64 24 Oct 2014

ECB interest rates

(Main refinancing operations)
0.05% effective from 10 September 2014

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.

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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.

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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


    Issue No. 36 of New Research at the Bank of Italy - the newsletter on the research activity conducted within the Bank - is now available. Its sections contain accounts of the latest conferences, and abstracts of publications of the Bank economists in the Working Papers and Occasional Papers series and in international journals.

    You can receive the electronic newsletter free of charge via e-mail alert service or RSS feed.
  • Newsletter No. 36 - October 2014


    The second issue of the International Technical Cooperation Newsletter is now available. It is a twice-yearly publication, intended to inform readers about technical cooperation at the Bank of Italy.
  • Newsletter No. 2 - October 2014




    This is the second edition of the competition, created by the Bank of Italy and the Ministry of Education, Universities and Research, with the cooperation of the Ministry for Foreign Affairs.

    The students of Italian primary and secondary schools are invited to prepare a sketch of an imaginary banknote celebrating EXPO Milano 2015, whose theme is "Feeding the Planet, Energy for Life".

    In this way the aim is to link the "Let's invent a banknote" prize - which sets out to stimulate young people's knowledge of the Bank of Italy and the production of banknotes - with the social and cultural issues of nutrition, the environment, sustainable growth and development cooperation, thus contributing to the success of the Universal Exhibition.

  • Entry form
  • Further information (only in Italian)


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  • Press releases in chronological order, news on important issues for the Bank, the schedule of events, procedures for accreditation for journalists, timetable of statistical publications, photo gallery and video gallery.
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  • October

    25 Philadelphia - Governor Ignazio Visco addresses the "Macroeconomic Measurement, Prediction, and Policy: A Colloquium Honoring the Legacy of Lawrence R. Klein"

  • All the events

  • 27 October

    Italian contribution to euro-area monetary aggregates and Summary data on Monetary Financial Institutions resident in Italy

  • Complete calendar