In Italy, it came at the end of a long process that began in the early 1980s when Carlo Azeglio Ciampi, then governor of the Bank of Italy, emphatically remarked that “Central banks autonomy, reinforcement of budgetary procedures and a code for collective bargaining are a prerequisite for monetary stability”.21  21  Ciampi (1981), p. 183. See also Visco (1985).
Accordingly, it is rather common in Hungary that credit institutions and other economic actors reissue banknotes and coins without processing by the central bank. The processing of banknotes by the central bank compared to processing on a profit-oriented basis accounts for approximately 20%. The interbank market for both banknotes and coins is considerable. The change in Hungarian responsibilities fits in with prevailing international trends.