However, he considered that an insurmountable obstacle to this was the absence within the Italian legal framework of a provision, such as that in Germany, expressly entrusting the central bank with the task of defending the currency.
A systematic search was made for arguments in support of assigning the Bank autonomous responsibility for fixing and pursuing monetary base objectives: during internal meetings the possibility was repeatedly raised of calling on the Government to enter into commitments to this effect or of using suggestions of similar import put forward by international institutions such as the European Economic Community or the International Monetary Fund.