By calibrating the overnight repo and reverse repo rates, we hope to influence the long term interest rates of the economy through a process called monetary transmission. The other variable – the volume of money – is controlled through mainly two instruments.
In 1947, as a member of the Constituent Assembly of the new Italian Republic (of which he was to become the first full President), he proposed an anti-monopoly clause for the Constitution: La legge non è strumento di formazione di monopoli economici; ed ove questi esistano li sottopone a pubblico controllo a mezzo di amministrazione pubblica delegata o diretta.