Quite apart from the machinations behind the scenes in his indictment, which had major repercussions on the Bank of Italy, it must be admitted that the institutional architecture of the day – the Director General’s responsibilities included banking supervision but he was also a member of the Board of Directors of IMI – was a weakness, which was later rectified.
If the results achieved in the battle against inflation were only partial during Baffi’s governorship, the successes that came in the course of the 1980s and 1990s can be traced to the seeds he had sown with his commitment to a new monetary constitution. During his Governorship the question of separating the responsibilities of government and central bank was posed.