Banca d'Italia is the central bank of Italy and part of the European System of Central Banks.
The institution, also called Bankitalia, was founded in 1893, from the fusion of the four major banks in Italy.
The Bank of Italy is the central bank of the Republic of Italy and part of the European System of Central Banks (ESCB) and the Eurosystem. It is a public-law institution and pursues aims of general interest in monetary and financial matters: price stability, the primary objective of the Eurosystem under the Treaty establishing the European Community (the EC Treaty); the stability and efficiency of the financial system, thus implementing the principle of the protection of savings embodied in the Constitution (Article 47(1) “The Republic encourages and protects saving in all its forms, it regulates, coordinates and controls the provision of credit”); and the other duties entrusted to it by Italian law.
The Bank of Italy is engaged in a reorganization of its Head Office, branch network and representative offices abroad. The aim is to improve the quality and efficiency of the services the Bank provides to the country, in line with the changes in the economic and financial context and the opportunities offered by technological innovation. As regards the Bank's territorial presence, in September 2008 a start was made on a gradual reorganization of the branch network. The handbook “Services for Citizens” describes the main services provided by the Bank’s Branches and the manner of using them.
The main function has thus become banking and financial supervision. The objective is to ensure the stability and efficiency of the system and compliance to rules and regulations; the bank pursues it through secondary legislation, controls and cooperation with governmental authorities.
Other functions include, market supervision, oversight of the payment system and provision of settlement services, State treasury service, Central Credit Register, economic analysis and institutional consultancy.