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In the euro area the risks for financial stability are increasing because of the slackening of growth and the persistence of very low inflation. The growth prospects for the euro area are rendered more uncertain by the fragility of the world economic recovery, whose pace differs greatly among the main areas. The financial markets appear to be exposed to spikes in volatility.

In Italy, signs of improving revenues and profitability have emerged among the larger firms, but small firms remain more exposed to the risks arising from continuing economic stagnation and difficulties in accessing credit. The property market remains weak.

The results of the European Central Bank's comprehensive assessment of the balance sheets of the main euro-area banks showed capital shortfalls for Banca Monte dei Paschi di Siena and Banca Carige, but confirm the overall soundness of the Italian banking system.

Financial Stability Report No. 2, November 2014

Economic indicators


0.2% Italy Oct 14/Oct 13

0.4% Area Oct 14/Oct 13

GDP growth

-0.1% Italy Q3 2014/Q2 2014
+0.2% Area Q3 2014/Q2 2014
Exchange rates
$ 1.2422 21 Nov 2014
¥ 146.46 21 Nov 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




    The €-coin indicator declined for the fourth month running (to 0.08 in October from 0.13 in the previous month), reaching its lowest level since September 2013.

    The fall in the indicator was due to the further weakening of industrial activity and the decline in share prices.

  • Press release €-coin indicator: October 2014
  • Link to €-coin website



    Economic activity in the euro area has lost momentum - The recovery in the euro area has faltered. Inflation has fallen to exceptionally low levels...

    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...

    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...

  • Economic Bulletin No. 4


    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



    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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  • Communications and media contacts

  • December

    4 Frankfurt - Meeting of the ECB Governing Council

  • All the events

  • 24 November

    Supplement: Balance of payments and International investment position

  • Complete calendar