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The Concluding Remarks of the Governor of the Bank of Italy for the year 1946

In: Luigi Einaudi

Author

Listed:
  • Luca Einaudi
  • Riccardo Faucci
  • Roberto Marchionatti

Abstract

During his tenure as Governor of the Bank of Italy Einaudi transformed the Annual Report of the Bank into an exercise quite different from a mere description of the activities of the Bank. It became a full account and analysis of economic transformation, and the Final Considerations, read aloud in the presence of all the political and economic establishment of the country, became a permanent occasion for complete reassessments of governmental economic policy by an independent technical body. In 1947, Einaudi described a country emerging defeated from World War, trying to recover confiscated resources and occupied territories, dealing with reconstruction but burdened by debt, deficit and an inflated paper circulation. Einaudi’s analysis of the difficulties of reconstruction and of the growing inflation anticipated a vigorous shift in economic policy. Only a few months later Einaudi introduced, as budget minister, a plan to combat inflation through both a banking restriction and budget cuts, and successfully implemented it.

Suggested Citation

  • Luca Einaudi & Riccardo Faucci & Roberto Marchionatti, 2006. "The Concluding Remarks of the Governor of the Bank of Italy for the year 1946," Palgrave Macmillan Books, in: Luca Einaudi & Riccardo Faucci & Roberto Marchionatti (ed.), Luigi Einaudi, chapter 11, pages 137-152, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-52297-8_12
    DOI: 10.1057/9780230522978_12
    as

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