X - The Bank of Italy and the Post-War Recovery 1945-1948edited by Sergio Ricossa and Ercole Tuccimei

In the century-old history of the Bank of Italy there were many crucial moments, in which not only public and private finances, but also the fate of the nation itself, have been at stake. One of these moments occurred immediately after the end of the World War II, when the first attempts to get out of the Great War inflation seemed to fail. From the mid-1946 to about half of 1947, a sudden inflationary burst threatened to burn and permanently reduce to ashes the lira. Under the governorship of Luigi Einaudi, the Bank of Italy in 1947 adopted emergency measures that succeeded in their intent, even if they aroused controversy over the cost borne by the real economy.