The concept of the autonomy of the Central Bank, as it is understood today, was born in the Seventies and is linked to the fiduciary nature of the currency. In a system in which the value of money is based on the trust of those who use it, the independence of the Central Bank is a necessary condition for maintaining that trust and allowing money to play its role. Spadolini knew this well and demonstrated it in his government action. The autonomy of a central bank needs to be established by robust rules and confirmed by consistent practices. The temptation to overcome it, subjugating the monetary function to heterogeneous needs, is always present; but it involves both short-term and long-term risks, of which it is good to be aware.
