The issue is, indeed, the object of debate (see E. Gaiotti and A. Secchi, ‘Monetary policy and fiscal dominance in Italy from the early 1970s to the adoption of the euro: a review’, Banca d’Italia, Questioni di Economia e Finanza (Occasional Papers), 141, 2012).
Many (including Toniolo and Carli himself) emphasised the context: the exceptional political and social tensions prevailing in Italy at that time would not have permitted any other choice of monetary policy.