Editing Bank of Italy (section)

==Missions and organization==

===Missions===
[[File:Bancaitaliabg.JPG|thumb|Bank of Italy building in [[Bergamo]]]]

After the charge of monetary and exchange rate policies was shifted in 1998 to the [[European Central Bank]], within the European institutional framework, the bank implements the decisions, issues [[euro]] banknotes and withdraws and destroys worn pieces.

The main function has thus become banking and financial supervision. The objective is to ensure the stability and efficiency of the system and compliance with rules and regulations; the bank pursues it through secondary legislation, controls and cooperation with governmental authorities.

Following a reform in 2005, which was prompted by takeover scandals, the bank has lost exclusive antitrust authority in the credit sector, which is now shared with the [[Italian Competition Authority]] ({{langx|it|Autorità Garante della Concorrenza e del Mercato}}).

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.

As of 2021, the Bank of Italy owned 2,451.8 [[tonnes]] of [[gold]], the third-largest [[gold reserve]] in the world.<ref>{{cite web|url=https://www.gold.org/research/latest-world-official-gold-reserves|title=Latest Gold Holdings – XLSX Download – World Gold Council|website=www.gold.org|date=5 March 2024 }}</ref>

===Governing bodies===
The bank's governing bodies are the [[Annual General Meeting|General Meeting of Shareholders]], the [[board of directors]], the governor, the [[director general]] and three deputy directors-general; the last five constitute the directorate.

The general meeting takes place yearly and with the purpose of approving accounts and appointing the [[auditor]]s. The board of directors has administrative powers and is chaired by the governor (or by the director-general in his absence). Following a reform in 2005, the governor lost exclusive responsibility regarding decisions of external relevance (i.e. banking and financial supervision), which has been transferred to the directorate (by majority vote). The director-general is responsible for the day-to-day administration of the bank and acts as governor when absent.

The [[board of auditors]] assesses the bank's administration and compliance with the law, regulations and statute.

===Appointment===
The directorate's [[term of office]] lasts six years and is renewable once. The appointment of the governor is the responsibility of the government, head of the board of directors, with the approval of the [[President of Italy|president]] (formally a [[decree]] of the president). The board of directors is elected by the shareholders according to the bank [[statute]].

On 25 October 2011, [[Silvio Berlusconi]] nominated [[Ignazio Visco]] to be the bank's new governor to replace [[Mario Draghi]] when he left to become president of the [[European Central Bank]] in November.<ref name="viscohead">{{cite news|title=Berlusconi names Visco to head Bank of Italy in surprise move|url=https://www.reuters.com/article/italy-cenbank/update-2-berlusconi-names-visco-to-head-bank-of-italy-in-surprise-move-idUSL5E7LK5TZ20111020|access-date=11 February 2018|work=Reuters|date=20 October 2011}}</ref>