Italian monetary policy in the '80s and '90s: the revision of the modus operandi
The 'Modus Operandi' of Italian monetary policy which relies on market-based control was radically changed in the '80s and '90s. However, changes still have to be initiated with relation to the banks' compulsory reserve deposits. The Bank of Italy must also be in step with European standards if it is to be an active participant of the future European System of Central Banks. On the third anniversary of Italy's withdrawal from the EMS Exchange Rate Mechanism (16 September 1992) this work reviews the structural changes that have taken place. This review is restricted to the field of monetary policy. Monetary objectives and instruments are analysed separately.
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