Today the Bank of Italy’s reserves comprise more than 2,500 tonnes of gold and foreign assets, net of repurchase agreements, worth 82 trillion lire, compared with ó trillion in 1992. Underlying the lira’s solidity is the return to balance between Italy’s external assets and liabilities.
1  Regarding the conduct of monetary policy, changes in price and wage dynamics have attracted keen attention in both academia and central banks, especially those in advanced economies. As the adverse effects from the Global Financial Crisis subside, the unemployment rate has dropped in many countries and the real economy has improved substantially, partly due to the effects of large-scale macroeconomic policies.