Adequate debate and collegiality in taking strategic decisions, unity of managerial approach in running the business and an effective and aggressive structure of controls at every level are the essential elements of sound and prudent management. I take this occasion to underscore some guidelines for action in this field. The Bank of Italy does not interfere improperly with entrepreneurial autonomy.
In my view, a good opportunity to start thinking about price and financial stability is a paper by Friedrich A. Lutz on “The Basic Problem of the Monetary Constitution”, first published as early as 1936. Its starting point is the observation that money and credit are essentially two sides of the same coin as money results from bank lending.