When he outlined his government programme on 7 July 1981, Spadolini said nothing about the third pillar, but he ‘de facto approved the new arrangements for financial transactions between the Treasury and the Bank of Italy, which Andreatta, already Treasury Minister in the previous government, had agreed with me in April 1981 and which took effect in July that same year.
This ended the Bank of Italy’s obligation to purchase Treasury bills not sold at auctions.’ 12 18.