Tuesday, September 13, 2005

Quotes For Facebook Picnik

The Bank of Italy, "reserves of the Republic"

Lettera al direttore del "Corriere della Sera" Sergio Romano, pubblicata sull'edizione on-line del giornale il 13 settembre 2005.
-domanda del lettore-
Mi riferisco at its bottom, "The Italian mess" and I read with astonishment that the Annual Report of the Bank of Italy Fazio "was" a discourse of the Crown "listened to religiously by all the political and economic barons of the Republic." And the annual reports of the Bank of Italy of all the other Governors, to be Menichella Carli, Whiskers by Ciampi, with tips and guidelines for economic policy, not just credit, to be taken, were not equal 'discourse of the Crown "? It was not the governor Menichella that extra cathedra, in 1957, at a meeting to ABA approved the Vanoni Plan?
As Guido Carli, it was ignored in his many public policy interventions by the barons of that time? And yet il governatore Ciampi non vedeva assistere alle sue Relazioni annuali tutto il fior fiore politico economico e sindacale d'Italia, quando indicava e suggeriva temi di politica economica da adottare?
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-risposta del Direttore-
Caro De Angelis, le sue osservazioni sono giuste. Nel panorama delle banche centrali europee il governatore di Via Nazionale fu sempre, soprattutto dopo la fine della Seconda guerra mondiale, un personaggio anomalo, una specie di consigliere straordinario del governo con rango quasi ministeriale a cui era permesso esprimere giudizi sulla situazione economica nazionale e a cui venivano conferiti talvolta incarichi speciali. Lei ha giustamente ricordato il placet di Donato Menichella al piano Vanoni developing employment and income in the period 1955-1964. But he could also be recalled that in early 1950, when he was governor for less than two years, Menichella conceived the project of the Bank of the South and wrote the law that established it. This style was pioneered by Luigi Einaudi (who was for a short period, at the same time, the governor and Budget Minister ) and was inherited by his successors. A text of 1988 published by Books Scheiwiller ("Memories of the Governor) Guido Carli wrote that this anomaly was also observed by many foreign bankers. The President of the International Monetary Fund to Jacobbson said one day: «In tutti i Paesi le banche centrali lottano per conquistare la propria indipendenza dai governi, in Italia il governo lotta per conquistare la propria indipendenza dalla Banca centrale» . Esiste una spiegazione, naturalmente. Dopo la caduta del fascismo e il ritorno alla democrazia parlamentare l'Italia fu governata da qualche vecchio esponente della classe politica prefascista e da uomini che avevano passato gli anni del regime all'estero o in qualche «santuario» come l'ufficio studi della Banca Commerciale: persone spesso colte, intelligenti e coraggiose, ma arrugginite o inesperte e bisognose di collaboratori competenti, soprattutto in materia di moneta e finanza. La Banca d'Italia, sotto la direzione di Einaudi, svolse egregiamente this function, and later became, in a country plagued by chronic political instability, a rock of reliability and continuity. As we had the rebuttal stating that the establishment of the National Road was, for the political leadership of the country, a 'retention of the Republic. " Einaudi became minister of Budget and head of state. Guido Carli was finance minister in Andreotti's last government and signed the Treaty of Maastricht. Lamberto Dini was treasury minister in the Berlusconi government in 1994, prime minister, foreign minister after the victory of the center in the 1996 elections. Carlo Azeglio Ciampi was prime minister and finance minister, and is now president. What other democracy, the Central Bank gave the country over fifty years, two heads of state? but governments, despite their prestige, they were always impeccably sober, shy, reluctant to preach publicly. Menichella resigned in 1960 at the age of 64 years. Guido Carli went 19 August 1975 after "a day like any other" and exchanged greetings with his successor in the gilded hall of the Palazzo Koch. Paolo Baffi was hit with absurd accusations and resigned to avoid a judicial investigation on the work of the governor was bad to the prestige of the institution. Do not you think, dear De Angelis, who between the past and the present there is a difference?

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