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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.

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Economic indicators


0.2% Italy Jun 14/Jun 13

0.5% Area May 14/May 13

GDP growth

-0.1% Italy Q1 2014/ Q4 2013
+0.2% Area Q1 2014/ Q4 2013
Exchange rates
$ 1.3429 29 Jul 2014
¥ 137.04 29 Jul 2014

ECB interest rates

(Main refinancing operations)
0.15% effective from 11 June 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.

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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.

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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.

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    The Head of the FIU for Italy, Claudio Clemente, has presented the Annual Report on the Unit's activity in 2013.




    Pisa 2012, the 5th OECD-sponsored test to assess the skills of 15-year-old students in reading, mathematics and science, also included an optional assessment of financial literacy, in which Italy was one of the countries that took part. The OECD has released the results of the survey on 9th July in Paris. The results were also released in Rome at the conference organized by Banca d'Italia in collaboration with the OECD and INVALSI (the national institute for the evaluation of the education system).

  • PISA 2012 Results: Students and Money (Volume VI)
  • Programme


    The first 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. 1 - June 2014


    Issue No. 35 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. 35 - June 2014



    On 9 June at the Banknotes Directorate of the Bank of Italy in Rome, the Senior Deputy Governor Salvatore Rossi awarded prizes to the elementary school, middle school and high-school classes that won the 2013/2014 edition of the Bank's "Let's invent a banknote" contest.

    The winners were: the Domenico Savio elementary school in Fagagna (Udine), the Galileo Galilei middle school in Gambarare di Mira (Venice), and the Giacomo and Pio Manzù artistic high school in Bergamo. The award-winning classes received a prize of €10,000 for the support and development of teaching activities at their school, a certificate of participation and the print of the sketch of the banknote they had designed. The winners also visited the Bank of Italy's banknote printing division.

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    In this section the Bank of Italy provides information and explanations of its decisions and actions. In some cases the information is given in response to reports in the press.

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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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  • August

    7 Frankfurt - Meeting of the ECB Governing Council

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