There are early signs of a return to growth of internal demand, but the recovery is still fragile
Economic activity continued to increase in the first months of the year. Firms' assessments of investment conditions returned to the level preceding the sovereign debt crisis; the improvement for industrial firms was accompanied by the first positive signs for services as well. Labour market conditions are still difficult. The situation remains less favourable for the South.
The financial markets are improving but credit declines further
The euro-area financial markets were characterized by a reduction in risk premiums; ten-year BTP spreads touched an all-time low in nominal terms. In the latest surveys, firms indicated a slight moderation of the tightening of access to credit, but there has not yet been any reversal of the lending growth trend.
Inflation falls sharply
Inflation in the euro area in March fell to 0.5 per cent; in Italy it touched 0.3 per cent, standing at an all-time low, net of the most volatile components. To cope effectively with the risks of a too prolonged period of low inflation, the Governing Council of the ECB is committed to using also unconventional instruments, such as market purchases of bonds.Further details
0.3% Italy Mar.14/Mar.13
0.5% Area Mar.14/Mar.13
+0.1% Italy Q4 2013/ Q3 2013
+0.3% Area Q4 2013/ Q3 2013
$ 1.3834 23 Apr 2014
¥ 141.46 23 Apr 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
Further information (only in Italian)
The first phase of the school Prize "Let's invent a banknote" has come to a conclusion. The results of the first part of the competition, as well as the communications related to the final selection and the awards ceremony are available in the "Novità" section of the relevant website.
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