Right after the Second World War the lira fell to a thirtieth of its pre-war value as a result of a flare-up of inflation, extinguished by the monetary stabilization engineered by Einaudi and Menichella.
Einaudi called for a concerted effort to avert “monetary unity’s destruction”.4 The laborious task of rebuilding confidence in the currency, and thus of reconstituting savings, was pursued with courageous determination, in the belief that the defence of the currency would create a solid basis for the country’s economic recovery. The path of international integration was followed by joining the Bretton Woods monetary system.