August 10, 2013 marks the 120th anniversary of the 1893 Banking Law that created the Bank of Italy

The 1893 Banking Law (Law 449 of 10 August 1893) created and set up the Bank of Italy. It redefined banknote circulation to base it on gold and placed an absolute limit on issues. It created the conditions for restoring the health of the issuing banks. It began the transition towards a single bank of issue.

And it established rules whereby the public interest took precedence over the profits of private shareholders.