Editing Bank of Italy (section)

=== Establishment ===
[[File:Palazzo Koch - Roma italiana, 1870-1895 (page 381 crop).jpg|thumb|[[Palazzo Koch]] in [[Rome]], headquarters of the Bank of Italy, at the end of the 19th century]]

Law no. 449 of 10 August 1893 of the Giolitti I government established the Bank of Italy through the merger of four banks: the National Bank in the Kingdom of Italy (formerly Banca Nazionale in the Sardinian States), the Banca Nazionale Toscana, the Banca Toscana di Credito for the Industries and Commerce of Italy and with the liquidation management of Banca Romana. With a complex series of mergers between these banks, the current Bank of Italy was formed. Some families of bankers, historical partners: Bombrini, Bastogi, Balduino, were the supporters of the operation. The institute enjoyed (together with the Banks of Naples and Sicily) the issuing privilege, it also acted as a "bank of banks" through the rediscount of bills, but did not have supervisory powers over other banks.<ref name="Colajanni" /> The bank remains a private limited company and was headed by a director.

From 1900 to 1928 Bonaldo Stringher was the director, who gave the Bank the role of manager of Italian monetary policy and lender of last resort, bringing it closer to a modern central bank. In particular, he understood that a central bank cannot aim at maximizing profit (which is achieved by printing as much paper money) but must instead aim at price stability.<ref name="Colajanni" />

In 1907, the Bank of Italy coordinated the rescue of the Italian Banking Company, a major lender of FIAT, an operation that ended with the absorption of the bank in crisis into the Italian Discount Bank. In 1911 the central bank organized a consortium to rescue the steel companies (Acciaierie di Terni, Ilva and others) of which the Bank of Italy was directly creditor, financing the operation also through the issue of banknotes.<ref name="Colajanni" />

In 1912 the credit institute for cooperation, with social purposes, was established, led by the Bank of Italy and also participated by public bodies, savings banks, Monte dei Paschi di Siena, the Cassa di Previdenza, and the Credit Institution for the Cooperatives of Milan. The institute in 1929 was transformed by its director Arturo Osio into the Banca Nazionale del Lavoro.<ref name="Colajanni" />

In 1913 the Subsidy Consortium was established, led by the Bank of Italy and also participated by the Banks of Naples and Sicily, some savings banks, Monte dei Paschi di Siena and by the San Paolo Bank of Turin. In 1922 the Consortium saved Ansaldo and took control of it, and in 1923 it did the same with Banco di Roma.<ref name="Colajanni" />

In the same 1913 Francesco Saverio Nitti drew up a bill that entrusted the Bank of Italy with the supervision of other banks, but the private banks managed to avoid its approval.

In 1914 the Bank of Italy assisted the Banco di Roma, which had to devalue its capital due to losses reported in the activities in the eastern Mediterranean.<ref name="Garzantina">''Banca d'Italia'' sull{{'}}''Enciclopedia Garzanti dell'Economia'', Milan, Garzanti, 2001</ref>

After the First World War, in 1921, it was always the Bank of Italy that led the consortium that managed the liquidation of the Italian Discount Bank and saved the Banco di Roma once again from crisis.