The bank of italy in the european system of central banks

This article illustrates the legislative and organizational changes affecting the Bank of Italy as a consequence of its participation in the European System of Central Banks (ESCB). The Bank of Italy, while losing its independence in setting national monetary policy, will take part on an equal footing with the other member central banks in setting the single monetary policy for the Union through the participation of its Governor in the Governing Council of the European Central Bank (ECB). The implementation of the single monetary policy and the management of both the exchange rate regime and the official reserves will be decentralized.