What is the currency of Italy?
History of coins in Italy
Upon the creation of the Kingdom of Italy under Vittorio Emanuele II (1861), a unified lira was established, at 4.5 grams of silver or 290.322 milligrams of gold. This was a direct continuation of the Sardinian lira. Other currencies replaced by the Italian lira included the Lombardy-Venetia pound, the Two Sicilies piastra, the Tuscan fiorino, the Papal States scudo and the Parman lira. In 1865, Italy formed part of the Latin Monetary Union in which the lira was set as equal to, among others, the French, Belgian and Swiss francs: in fact, until the introduction of the euro in 2002, people speaking the Gallo-Italic dialects in north-western Italy usually called ""franc"" the lira.
San Marino
Although San Marino is not a European Union member, it is allowed to use the euro as its currency by arrangement with the Council of the European Union; it is also granted the right to use its own designs on the national side of the euro coins. Before the euro, the Sammarinese lira was pegged to, and exchangeable with, the Italian lira. The small number of Sammarinese euro coins, as was the case with the lira before it, are primarily of interest to coin collectors.
History of coins in Italy
The Tuscan fiorino was the currency of Tuscany between 1826 and 1859. It was subdivided into 100 "quattrini" (singular: "quattrino"), with an additional denomination called the "paolo", worth 40 quattrini, in circulation.
Italian lira
The Bank of Italy began producing paper money in 1896. To begin with, 50-, 100-, 500- and 1,000-lira notes were issued. In 1918–1919, 25-lira notes were also issued but no other denominations were introduced until after the Second World War.
List of currencies in Europe
There are 28 currencies currently used in the 50 countries of Europe, all of which are members of the United Nations, except Vatican City, which is an observer. All "de facto" present currencies in Europe, and an incomplete list of the preceding currency, are listed here.
Italian lira
Although Italian price displays and calculations became unwieldy because of the large number of zeros, efforts were unsuccessful for political reasons until the introduction of the euro which had the effect of lopping off excessive zeros.
Italian post in Saseno
During most of this period, postage stamps of Italy were in use. However, in 1923, eight contemporary stamps of Italy were overprinted "SASENO" by the Sazan Island post office for local use. These are all definitive types which show a portrait of King Victor Emmanuel III of Italy and are denominated in the Italian currency of 100 centesimi (c.) to one lira with values of 10c., 15c., 20c., 25c., 30c., 50c., 60c. and 1 lira. The values have individual colouring, mainly using shades of orange, brown and blue.
Sardinian lira
The lira (plural "lire") was the currency of the Kingdom of Sardinia between August 6, 1816 and March 17, 1861. It was subdivided into 100 "centesimi" (singular "centesimo") and was equal in value to the French franc (4.5 grams of silver), which had replaced the Piedmontese shield by 1801. Being no more than the Savoyard version of the franc, it could circulate also in France, as the French coins could circulate in Piedmont. It was replaced at par by the Italian lira. As the great part of the 19th century currencies, it was not affected by significant episodes of inflation during all its existence.
Italian Somaliland lira
The Italian Somaliland lira also called the Somali lira, was a special version of the Italian lira minted in Italian Somaliland between 1925 and 1926.
Italian lira
In the mid-1970s, when coinage was in short supply, Italian banks printed "miniassegni" in 50- and 100-lira amounts. Technically bearer checks, they were printed in the form of banknotes and were generally accepted as substitute legal currency.
Soldo
It quickly became widespread in Italy where it was coined in Genoa, Bologna, and numerous other cities. In Venice, the soldo was minted from the reign of Francesco Dandolo onward, remaining in use also after the republic's dissolution in 1797 and during the Austrian occupation, until 1862. In the 14th century Florence, a "soldo" equaled of a "lira" and 12 "denari".
Eurozone
The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Other EU states (except for Denmark and the United Kingdom) are obliged to join once they meet the criteria to do so. No state has left, and there are no provisions to do so or to be expelled. Andorra, Monaco, San Marino, and Vatican City have formal agreements with the EU to use the euro as their official currency and issue their own coins. Kosovo and Montenegro have adopted the euro unilaterally, but these countries do not officially form part of the eurozone and do not have representation in the European Central Bank (ECB) or in the Eurogroup.
Italian scudo
In Malta under the Order of St John, the Maltese scudo circulated from the 16th century until the Order was expelled in 1798. The currency remained the official currency of Malta until 1825 and the last coins were removed from circulation in 1886. The Sovereign Military Order of Malta has issued coins denominated in scudi since 1961.
Italian Somaliland rupia
The Somali rupia was introduced between 1909 and 1910. First, bronze coins denominated in besa were introduced, followed by silver coins denominated in rupia in 1910. The rupia replaced several currencies, including the Maria Theresa thaler and the Indian rupee, to which it was equal. The rupia was replaced by the Italian Somaliland lira during a transition period between July 1, 1925, and June 30, 1926, at a rate of 8 lire = 1 rupia.
Italian lira
In 1943, the invading Allies introduced notes in denominations of 1, 2, 5, 10, 50, 100, 500 and 1,000 lire. These were followed in 1944 by a series of Biglietti di Stato for 1, 2, 5 and 10 lire, which circulated until replaced by coins in the late 1940s. In 1945, the Bank of Italy introduced 5,000- and 10,000-lira notes.
2000s (decade)
The euro has since become the second largest reserve currency and the second most traded currency in the world after the US$.
, with more than €790 billion in circulation, the euro was the currency with the highest combined value of banknotes and coins in circulation in the world, having surpassed the US$.
Language and the euro
Some colloquial names for currency are also in use for the euro. One and two euro coins are respectively called ("frago") and ("difrago") from the French "franc". A 5 euro banknote is also colloquially called ("taliro") from the Germanic root "thaler" via the Italian "talero". A 10 euro banknote is called ("dekariko"), a 20 euro banknote is called ("eikosariko") or ("eikosari"), and a 50 euro banknote is called ("penintariko"), derivatives of the words for ten, twenty and fifty.
Postage stamps and postal history of Italy
Campione d'Italia is a small Italian exclave surrounded by Switzerland near Lake Lugano. The municipal council issued its own stamps in May 1944. The stamps were inscribed "RR Poste italiane / Comune de Campione" and denominated in the Swiss currency. Campione stamps were withdrawn in 1952. Since then, mail may be sent using either Swiss stamps or Italian stamps.
List of currencies in Europe
A currency is a medium of exchange, such as money, banknotes, and coins. In Europe, the most commonly used currency is the euro (used by 25 countries); any country entering the European Union (EU) is expected to join the eurozone when they meet the five convergence criteria. Denmark is the only EU member which has been granted an exemption from using the euro, Sweden has also not adopted the Euro, although unlike Denmark, it has not formally opted out, instead, fails to meet the ERM II (Exchange Rate Mechanism) which results in the non-use of the Euro. For countries which hope to join the eurozone, there are five guidelines that need to be followed, grouped in the Maastricht criteria.
Denaro
Denaro is the Italian word for money, derived from the Arabic "dinar", which in turn derived from the Latin "denarius". Denaro may also refer to:
Italian Somalis
The economy was controlled by the Bank of Italy through emissions of the Somalo shilling, that was used as money in the Italian administered region from 1950 to 1962.
Centesimo
Centesimo (plural centesimi) is an Italian word derived from the Latin "centesimus" meaning "hundredth". It was equal to 1/100 of currencies named lira. However, not all lira-denominated currencies feature centesimo as their 1/100 subunit. For example, the Turkish new lira is divided into 100 kuruş and the Maltese lira was divided into 100 cents.
Corruption in Italy
Corruption in Italy is a major problem. In Transparency International's annual surveys, Italy has consistently been regarded as one of the most corrupt countries in the Eurozone. Transparency International's 2017 Corruption Perception Index ranks the country 54th place out of 180 countries. Corruption costs Italy a reported €60 billion a year, which amount to four percent of its GDP. On the 2016 Corruption Perceptions Index, Italy took 61st place out of 174 countries, scoring on a par with Senegal, Montenegro, and South Africa. Political corruption remains a major problem particularly in Southern Italy including Calabria, parts of Campania and Sicily where corruption perception is at a high level. Political parties are ranked the most corrupt institution in Italy, closely followed by public officials and Parliament, according to Transparency International's Global Corruption Barometer 2013.
5 euro note
The euro was founded on 1 January 1999, when it became the currency of over 300 million people in Europe. For the first three years of its existence it was an invisible currency, only used in accountancy. Euro cash was not introduced until 1 January 2002, when it replaced the national banknotes and coins of the countries in eurozone 12, such as the Irish pound and the Austrian schilling.
Italy
Italy ( ), officially the Italian Republic ( ), is a country in Europe. Located in the middle of the Mediterranean Sea, Italy shares open land borders with France, Switzerland, Austria, Slovenia and the enclaved microstates San Marino and Vatican City. Italy covers an area of and has a largely temperate seasonal and Mediterranean climate. With around 61 million inhabitants, it is the fourth-most populous EU member state and the most populous country in Southern Europe.
Italian lira
In 2005, the Lega Nord launched a campaign to reintroduce the lira as a parallel currency. In 2014, Beppe Grillo, the Five Star Movement leader spearheaded a referendum bid, to restore the lira in Italy.
Somalo
The Somalo (plural: Somali, صومالي) was the currency of the Trust Territory of Somaliland administered by Italy between 1950 and 1960. The "Somalo" remained officially in use in the newly created Republic of Somalia until 1962. It was subdivided In 100 "Centesimi" (singular: "Centesimo").
2 euro coin
In addition, there are several EU states that have not yet adopted the euro, some of them have already agreed upon their coin designs however it is not known exactly when they will adopt the currency, and therefore these are not yet minted. See enlargement of the Eurozone for expected entry dates of these countries. Latvia officially introduced the euro on 1 January 2014, its design for the 2 euro coin is similar to the 5 lati coin's design from 1929 to 1932:
10 euro note
The euro was founded on 1 January 1999, when it became the currency of over 300 million people in Europe. For the first three years of its existence it was an invisible currency, only used in accountancy. Euro cash was not introduced until 1 January 2002, when it replaced the national banknotes and coins of the countries in eurozone 12, such as the Italian lira and the German mark.
Euro sign
The euro sign (€) is the currency sign used for the euro, the official currency of the European Union (EU) and other non-EU countries (Kosovo and Montenegro). The design was presented to the public by the European Commission on 12 December 1996. It consists of a stylized letter E (or epsilon), crossed by two lines instead of one. The character is encoded in Unicode at . In English, the sign precedes the value (for instance, €10, not 10 €, unlike most other European languages). In some style guides, the euro sign is not spaced (10€).
Rome
As the capital of Italy, Rome hosts all the principal institutions of the nation, including the Presidency of the Republic, the government (and its single Ministeri), the Parliament, the main judicial Courts, and the diplomatic representatives of all the countries for the states of Italy and Vatican City. Many international institutions are located in Rome, notably cultural and scientific ones, such as the American Institute, the British School, the French Academy, the Scandinavian Institutes, and the German Archaeological Institute. There are also specialised agencies of the United Nations, such as the FAO. Rome also hosts major international and worldwide political and cultural organisations, such as the International Fund for Agricultural Development (IFAD), World Food Programme (WFP), the NATO Defence College and the International Centre for the Study of the Preservation and Restoration of Cultural Property (ICCROM).
According to the GaWC study of world cities,
Rome is a beta + city, ranking below Milan. Rome was ranked in 2014 as 32nd in the Global Cities Index, the highest in Italy. With a 2005 GDP of €94.376 billion (US$121.5 billion), the city produces 6.7% of the national GDP (more than any other single city in Italy), and its unemployment rate, lowered from 11.1% to 6.5% between 2001 and 2005, is now one of the lowest rates of all the European Union capital cities. Rome's economy grows at around 4.4% annually and continues to grow at a higher rate in comparison to any other city in the rest of the country. This means that were Rome a country, it would be the world's 52nd richest country by GDP, near to the size to that of Egypt. Rome also had a 2003 GDP per capita of €29,153 (US$37,412), which was second in Italy, (after Milan), and is more than 134.1% of the EU average GDP per capita. Rome, on the whole, has the highest total earnings in Italy, reaching €47,076,890,463 in 2008, yet, in terms of average workers' incomes, the city places itself 9th in Italy, with €24,509. On a global level, Rome's workers receive the 30th highest wages in 2009, coming three places higher than in 2008, in which the city ranked 33rd. The Rome area had a GDP amounting to $167.8 billion, and $38,765 per capita.
Although the economy of Rome is characterised by the absence of heavy industry and it is largely dominated by services, high-technology companies (IT, aerospace, defence, telecommunications), research, construction and commercial activities (especially banking), and the huge development of tourism are very dynamic and extremely important to its economy. Rome's international airport, Fiumicino, is the largest in Italy, and the city hosts the head offices of the vast majority of the major Italian companies, as well as the headquarters of three of the world's 100 largest companies: Enel, Eni, and Telecom Italia.
South Tyrolean independence movement
South Tyrol is among the wealthiest provinces of Italy with a GDP per capita of €32,000. This being said, Italy is a nation which has suffered unrelenting decline since the birth of the Eurozone crisis in 2009. In 2012 the region was projected to allocate 120 million euros towards stabilizing the national budget of Italy. To accomplish this, the region was forced to heighten taxes and fees on crop production, a move which pundits say violates South Tyrol's status as an autonomous region. Eva Klotz, founder and representative of South Tyrolean Freedom in the local parliament, has reflected much of current German-speaking South Tyrolean sentiment in stating that the region "shouldn't be dragged down" with the rest of Italy.
Italian euro coins
Italian euro coins have a design unique to each denomination, though there is a common theme of famous Italian works of art from one of Italy's renowned artists. Each coin is designed by a different designer, from the 1 cent to the 2 euro coin they are: Eugenio Driutti, Luciana De Simoni, Ettore Lorenzo Frapiccini, Claudia Momoni, Maria Angela Cassol, Roberto Mauri, Laura Cretara and Maria Carmela Colaneri. All designs feature the 12 stars of the EU, the year of imprint, the overlapping letters "RI" for "Repubblica Italiana" (Italian Republic) and the letter R for Rome. There are no Italian euro coins dated earlier than "2002", even though they were certainly minted earlier, as they were first distributed to the public in December 2001.
List of companies of Italy
Italy is a unitary parliamentary republic in Europe with the third largest nominal GDP in the Eurozone and the eighth largest in the world. As an advanced economy the country also has the sixth worldwide national wealth and it is ranked third for its central bank gold reserve. Italy has a very high level of human development and it is sixth in the world for life expectancy. The country plays a prominent role in regional and global economic, military, cultural and diplomatic affairs, and it is both a regional power and a great power. Italy is a founding and leading member of the European Union and the member of numerous international institutions, including the UN, NATO, the OECD, the OSCE, the WTO, the G7, G20, the Union for the Mediterranean, the Council of Europe, Uniting for Consensus and many more. As a reflection of its cultural wealth, Italy is home to 53 World Heritage Sites, the most in the world, and is the fifth most visited country.
Graham Island (Mediterranean Sea)
In 2000, an unofficial minting of a penny was produced in Sicily, featuring the island on one side and, unusually, a bust of Elizabeth II on the other. (Italy, including Sicily, was using the lira by this time and the coin did not circulate.) David Mannucci, the designer of the coin, had the idea to make it after he "found out the existence of the ghost island" from a newspaper article. Besides the copper piece, varieties exist in silver, copper "with protective enamel", and in silver "with protective enamel". While this Italian-made coin fittingly bears the Italian name for the island, the conflicted piece also features a bust of “Elizabeth II D.G.R.” and bears a British denomination.
History of coins in Italy
The Sardinian lira was the currency of the Kingdom of Sardinia between 1816 and 1861. It was subdivided into 100 "centesimi" (singular "centesimo ") and was equal in value to the French franc, which had replaced the Piedmontese and Sardinian scudos by 1799. It was replaced at par by the Italian lira.
Italian East African lira
Very few people accepted, and in 1939 it was offered a second possibility at a rate 5 lire = 1 thaler. In Italian Somaliland, the lira was already circulating. In Ethiopia, the lira replaced the Ethiopian thaler (issued by the Bank of Ethiopia) whilst in Eritrea it replaced the Eritrean tallero, a silver coin minted in Italy. It also briefly replaced the East African shilling in British Somaliland under Italia occupation between 1940 and 1941, when the lira AOI was offered at a rate 13 lire = 1 thaler.
Italian lira
The term originates from the value of a pound weight () of high purity silver and as such is a direct cognate of the British pound sterling; in some countries, such as Cyprus and Malta, the words "lira" and "pound" were used as equivalents, before the euro was adopted in 2008 in the two countries. "L", sometimes in a double-crossed script form ("₤"), was the symbol most often used. Until the Second World War, it was subdivided into 100 "centesimi" (singular: "centesimo"), which translates to "hundredths" or "cents".
Quota 90
The Quota 90 () was a controversial revaluation of the lira undertaken by Mussolini, announced on August 18, 1926, at a speech in Pesaro, pegging the exchange rate to 92.46 lira against the Pound sterling (19 lira against the US Dollar) by December 1927, which had been the prevailing market rate when Mussolini took power in 1922.
The Quota has been described as the "most controversial measure undertaken by [Mussolini's] government before 1929", despite the general consensus that some revaluation was necessary among Italian bankers and industrialists. Minister of Finance Giuseppe Volpi—who preferred a rate of 120 or 125 against the pound—considered the quota a drastic overvaluation. Many historians regard the Quota as motivated by Mussolini's desire to "exert his will" rather than economic rationality, as a "political decision", or as a "proof of force" against industrialists. In response to requests from Volpi and industrialists to reconsider the Quota, Mussolini threatened even lower rates.
History of coins in Italy
Italy has a long history of different coinage types, which spans thousands of years. Italy has been influential at a coinage point of view: the florin, one of the most used coinage types in European history, was struck in Florence in the 13th century. Since Italy has been for centuries divided into many city-states, they all had different coinage systems, but when the country became unified in 1861, the Italian lira came into place, and was used until 2002. Today, Italy uses the Euro.
Papal lira
In 1866 Pope Pius IX, whose sovereignty was reduced to the sole Latium, decided to join the Latin Monetary Union. A new currency, the lira, was introduced with the same value of the French franc and the Italian lira. It replaced the scudo at a rate of 5.375 lire = 1 scudo : the rate was calculated thanks to the silver value of the old scudo (26.9 grams of silver, with 9/10 of purity) and the new lira (5 grams of silver, with 9/10 of purity). However, the Pope's treasurer, Giacomo Antonelli, devalued the purity of the Papal coins from 900/1000 to 835/1000, causing big problems to the Union, which later was forced to join the new standard. With the annexation of Rome to Italy in 1870, the Papal lira was substituted by the Italian lira at par.
Quattrino
The quattrino is an ancient Italian currency denomination largely used in Central Italy, especially in Tuscany and Rome. Its name derives from the Latin "quater denari", because its value was equal to four "denari". Consequently, its value was one third of a soldo. It disappeared after the unification of Italy in 1861, when the Italian lira was introduced as an equivalent of the french franc.
Italian lira
Apart from the introduction in 1894 of cupro-nickel (later nickel) 20-centesimi coins and of nickel 25-centesimi pieces in 1902, the coinage remained essentially unaltered until the First World War.
Euro
The euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar.
, with more than €1.2 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world, having surpassed the U.S. dollar.
500 euro note
The euro was founded on 1 January 1999, when it became the currency of over 300 million people in Europe. For the first three years of its existence it was an invisible currency, only used in accountancy. Euro cash was not introduced until 1 January 2002, when it replaced the national banknotes and coins of the countries in eurozone 12, such as the Luxembourgish franc.
Italian lira
The Sammarinese lira (plural "lire") was the official unit of San Marino. Like the Vatican lira, the Sammarinese lira was at par with the Italian lira.
No Euro Movement
The No Euro Movement ("Movimento No Euro") is a small political party that aims to remove the euro as the Italian currency, returning to the Italian lira, and advocates governmental control of the Italian Central Bank. Renzo Rabellino was elected as secretary of the party on 2 October 2005 held in Milan.
Language and the euro
The issue of whether the correct plural form would be "euri" or "euro" remained open for a long time, predating the actual introduction of the currency. The Accademia della Crusca assigned to Severina Parodi, lexicographer, and to Luca Serianni, language historian, the task to give a response. They deliberated in favour of "euri" in 1999 with the motivation that "euro is a masculine noun". But the issue was then re-examined many times.
Finally, in 2001 the consensus of the Accademia coalesced in favour of invariability. The rationale was based on the fact that abbreviated words originating from a longer word (for example "auto" from "automobile" (car) or "moto" from "motocicletta" (motorbike)) do not have a plural form, as well as the fact that the word "euro" is considered an abbreviation of the word "Eurovaluta" (European currency) . In 2002 an amendment to the financial act was proposed to adopt "euri" as the plural form for public official deeds, but was quickly rejected by the Parliament.
Italian scudo
In the Papal States, the Papal States scudo was the currency until 1866. It was divided into 100 "baiocchi" (sing. "baiocco"), each of 5 "quattrini". It was replaced by the lira, equal to the Italian lira.
Sardinian scudo
The scudo (plural: "scudi") was the currency of the island Kingdom of Sardinia until 1816. It was subdivided into 2½ "lire" (singular: "lira"), each of 4 "reales", 20 "soldi", 120 "cagliarese" or 240 "denari". The "doppietta" was worth 2 scudi. It was replaced by the Sardinian lira.
20 euro note
The euro was founded on 1 January 1999, when it became the currency of over 300 million people in Europe. For the first three years of its existence it was an invisible currency, only used in accountancy. Euro cash was not introduced until 1 January 2002, when it replaced the national banknotes and coins of the countries in eurozone 12, such as the Belgian franc and the Greek drachma.
International status and usage of the euro
Several European microstates outside the EU have adopted the euro as their currency. For EU sanctioning of this adoption, a monetary agreement must be concluded. Prior to the launch of the euro, agreements were reached with Monaco, San Marino, and Vatican City by EU member states (Italy in the case of San Marino and Vatican City, and France in the case of Monaco) allowing them to use the euro and mint a limited amount of euro coins (with their own national symbols on the obverse side) to be valid throughout the Eurozone. However, they cannot print banknotes. All of these states had previously had monetary agreements to use yielded eurozone currencies. The Vatican and San Marino had their currencies pegged to the Italian lira (Vatican and Sammarinese lira) and Monaco used the Monegasque franc, which was pegged to the French franc. Between 2010 and 2012, new agreements between the EU and Monaco, San Marino and the Vatican City came into force.
Euro gold and silver commemorative coins (San Marino)
San Marino has adopted the Euro since 2002 as its currency, However, in a means to maintain its own cultural identity it continues to issue a gold commemorative coin in its former currency the scudo released with a value of 2 scudo.
Since there is a fixed exchange rate between the scudo and the euro and since the euro is San Marino's official currency the 2 scudo coins will be included in this article.
Coins of the Italian lira
Italian lira coins were the coins of the Italian lira that served as Italy's currency from 1861 until 2001 when it was replaced by the Euro. From 1980 until 2001, 1 and 2 lira coins were struck solely for collectors due to their low value, and in 1998 the 5 lira was also sold for collectors only. 10 and 20 lira coins dated 2000 or 2001 were struck in sets only. The 500 lire coin was the first bimetallic circulating coin, and was also the first coin to feature Braille numerals (a Braille "500" is on the reverse side on top of the building)
Kingdom of Italy (Napoleonic)
The kingdom was given a new national currency, replacing the local coins circulating in the country: the Italian lira, of the same size, weight, and metal of the French franc. Mintage being decided by Napoleon with an imperial decree on March 21, 1806, the production of the new coins began in 1807. The monetary unit was the silver lira, which was 5 grams heavy. There were multiples of £2 (10 grams of silver) and £5 (25 grams of silver), and precious coins of £20 (6.45 grams of gold) and £40 (12.9 grams of gold). The lira was basically divided in 100 cents, and there were coins of 1 cent (2.1 grams of copper), 3 cents (6.3 grams of copper), and 10 cents (2 grams of poor silver), but following the tradition, there was a division in 20 soldi, with coins of 1 soldo (10.5 grams of copper, in practice 5 cents), 5 soldi (1.25 grams of silver), 10 soldi (2.5 grams of silver), and 15 soldi (3.75 grams of silver).
Economy of Italy
The economy of Italy is the 3rd-largest national economy in the eurozone, the 8th-largest by nominal GDP in the world, and the 12th-largest by GDP (PPP). The country, that has a major advanced economy, is a founding member of the European Union, the Eurozone, the OECD, the G7 and the G20. Italy is the eighth largest exporter in the world with $514 billion exported in 2016. Its closest trade ties are with the other countries of the European Union, with whom it conducts about 59% of its total trade. The largest trading partners, in order of market share, are Germany (12.6%), France (11.1%), United States (6.8%), Switzerland (5.7%), United Kingdom (4.7%), and Spain (4.4%).
100 euro note
The euro was founded on 1 January 1999, when it became the currency of over 300 million people in Europe. For the first three years of its existence it was an invisible currency, only used in accountancy. Euro cash was not introduced until 1 January 2002, when it replaced the national banknotes and coins of the countries in eurozone 12, such as the French franc and the Spanish peseta.
Transnational citizenship
Finally, the creation of the euro serves as the pinnacle of Europe's newfound economic unification. On January 1, 1999, the euro replaced the pre-existing currency in 11 European countries. The Treaty of Maastricht also created the European System of Central Banks, which consists of the Central European Bank and national central banks working together to establish monetary policy across participating countries. Some scholars consider the act of unifying the currency as "culminating the progress toward economic and monetary union in Europe". While the aspect of monetary union is clear, the far-reaching effects of economic union between countries could be considered a cause for debate. Regardless, the euro allows for transnational citizens of the European Union to not only move freely across borders, but also to experience easier monetary exchanges through the ability to use a currency that is present in both the citizens' home and host countries. The political, economic, and social ramifications that result from the invention of the European Union help contribute to the construction of European citizens as the international model for transnational citizenship.
Italian lira
The Vatican lira (plural "lire") was the official unit of the Vatican City State. It was at par with the Italian lira under the terms on the concordat with Italy. Italian lira notes and coins were legal tender in the Vatican City, and vice versa. Specific Vatican coins were minted in Rome, and were legal tender also in Italy and San Marino.
Euro banknotes
Banknotes of the euro, the currency of the euro area and institutions, have been in circulation since the first series was issued in 2002. They are issued by the national central banks of the Eurosystem or the European Central Bank. In 1999 the euro was introduced virtually, and in 2002 notes and coins began to circulate. The euro rapidly took over from the former national currencies and slowly expanded around the European Union.
Tommaso Padoa-Schioppa
Tommaso Padoa-Schioppa, OMRI (; 23 July 1940 – 18 December 2010) was an Italian banker and economist who was Italy's Minister of Economy and Finances from May 2006 until May 2008. He is considered as a founding father of the European single currency. He is a former member of the Steering Committee of the Bilderberg Group.
History of coins in Italy
Despite the fact that the first Italian coinage systems were used in the Magna Graecia and Etruscan civilization, the Romans introduced a widespread currency. Unlike most modern coins, Roman coins had intrinsic value. While they contained precious metals, the value of a coin was higher than its precious metal content, so they were not bullion. Estimates of their value range from 1.6 to 2.85 times their metal content, thought to equal the purchasing power of 10 modern British Pound Sterling (US$15) at the beginning of the Roman Empire to around 18 Pound Sterling (US$29) by its end (comparing bread, wine and meat prices) and, over the same period, around one to three days' pay for a Legionnaire.
Lira
Particularly this system was kept during the Middle Ages and Modern Age in England, France, and Italy. In each of these countries the "libra" was translated into local language: pound in England, livre in France, "lira" in Italy. The Venetian lira was one of the currencies in use in Italy and due to the economic power of the Venetian Republic a popular currency in the Eastern Mediterranean trade.
Vatican City
Vatican City issues its own coins and stamps. It has used the euro as its currency since 1 January 1999, owing to a special agreement with the European Union (council decision 1999/98). Euro coins and notes were introduced on 1 January 2002—the Vatican does not issue euro banknotes. Issuance of euro-denominated coins is strictly limited by treaty, though somewhat more than usual is allowed in a year in which there is a change in the papacy. Because of their rarity, Vatican euro coins are highly sought by collectors. Until the adoption of the Euro, Vatican coinage and stamps were denominated in their own Vatican lira currency, which was on par with the Italian lira.
Economy of Europe
The most common currency within Europe is the Euro (€), the currency of the European Union. To join, each new EU member must meet certain criteria, when these are met their own currencies will be replaced by the euro. Becoming a member of the EU involves a pledge to work towards Eurozone membership, (except in the cases of the United Kingdom and Denmark who have opt-outs). Currently, 19 of the 28 EU member states use the euro. Each EU member's central bank is part of the European System of Central Banks, and in addition, those that use the euro are part of the European Union's central bank, the European Central Bank.
Vatican euro coins
Vatican euro coins are issued by the Philatelic and Numismatic Office of the Vatican City State and minted by Istituto Poligrafico e Zecca dello Stato (IPZS), in Rome, Italy. The euro is the official currency of the Vatican City, although the Vatican is not a member of the Eurozone or the European Union.
Sicilian piastra
The piastra was the distinct currency of the Kingdom of Sicily until 1815. In order to distinguish it from the piastra issued on the mainland Kingdom of Sicily (also known as the Kingdom of Naples), it is referred to as the "Sicilian piastra" as opposed to the "Neapolitan piastra". These two piastra were equal but were subdivided differently. The Sicilian piastra was subdivided into 12 "tarì", each of 20 "grana" or 120 "piccoli". The "oncia" was worth 30 tarì (2½ piastra).
Italian Somaliland rupia
The Somali rupia (plural: "rupie", Somali: روپيا) was the currency in Italian Somaliland from 1909 to 1925. It was subdivided into 100 "bese" (singular: "besa", Somali: بيزا).
History of coins in Italy
After the re-establishment of Parman independence, the Parman currency system was introduced in 1815. Also called the lira, it was subdivided into 20 "soldi" or 100 "centesimi". However, this lira was equal to the French franc and the Sardinian lira, and it circulated alongside the latter. It weighed 5 grams, and had a purity of 9/10 of silver. Since 1861, Parma has used the equivalent Italian lira.
Economy of Romania
The leu (pronounced ), plural: lei (); (ISO 4217 code RON; numeric code 946), "leo" (lion) in English is the currency of Romania. It is subdivided into 100 "bani" (singular: "ban"). On 1 July 2005, Romania underwent a currency reform, switching from the previous leu (ROL) to a new leu (RON). 1 RON is equal to 10,000 ROL. Romania joined the European Union on 1 January 2007 and initially hoped to adopt the euro in 2014, but with the deepening of the Euro crisis and with its own problems, such as a low workforce productivity, postponed its adoption plans indefinitely.
Italian lira
The Vatican City switched to the euro along with Italy and San Marino. As with old Vatican lira coins, the Vatican City has its own set of euro coins.
AM-Lira
The Am-Allied Military Currency or lira was the currency that AMGOT put in circulation in Italy after the landing in Sicily on the night between 9 and 10 July 1943. The value was 100 "am-lire" for a U.S. dollar. Totally interchangeable with the normal Italian lira for military decision, it contributed to high inflation that hit Italy towards the end of World War II.
Euro
The euro (sign: €; code: EUR) is the official currency of 19 of the member states of the European Union. This group of states is known as the eurozone or euro area, and counts about 343 million citizens . The euro is the second largest and second most traded currency in the foreign exchange market after the United States dollar. The euro is subdivided into 100 cents.
20 euro note
The twenty euro note (€20) is the third-lowest value euro banknote and has been used since the introduction of the euro (in its cash form) in 2002. 
The note is used in the 23 countries which have it as their sole currency (with 22 legally adopting it); with a population of about 343 million. In August 2018, there were approximately 3,845,000,000 twenty euro banknotes in circulation around the eurozone. It is the second most widely circulated denomination, accounting for over 17% of the total banknotes. Estimates suggest that the average life of a twenty euro banknote is about two years before it is replaced due to wear.
5 euro note
The five euro note (€5) is the lowest value euro banknote and has been used since the introduction of the euro (in its cash form) in 2002. 
The note is used in the 25 countries which have it as their sole currency (with 23 legally adopting it); with a population of about 343 million. In August 2018, there were approximately 1,871,000,000 five euro banknotes in circulation around the eurozone. It is the fifth most widely circulated denomination, accounting for over 8% of the total banknotes. Estimates suggest that the average life of a five euro banknote is less than a year before it is replaced due to wear.
Lombardo-Venetian florin
The florin was the currency of Lombardy-Venetia (reduced to the sole Venetia three years before) between 1862 and 1866. It replaced the pound at a rate of 1 florin = 3 pounds. The florin was equivalent to the Austro-Hungarian gulden (also called the florin). Although it was subdivided into 100 "soldi" rather than 100 Kreuzer, Austrian coins circulated in Venetia. The only coins issued specifically for Venetia were copper and 1 soldo pieces. The name soldo was chosen due to the equivalence of the predecimal Kreuzer and soldo, both worth of a Conventionsthaler.
Italian euro coins
The choice of the design of the coins was left to the Italian public by means of a television broadcast where alternative designs were presented, letting the people vote by calling a certain telephone number. However, the 1 euro coin was missing in this election, because Carlo Azeglio Ciampi, the then economy minister, had already decided it would sport the Vitruvian man of Leonardo da Vinci. Leonardo's work is highly symbolical as it represents the Renaissance focus on man as the measure of all things, and has simultaneously a round shape that fits the coin perfectly. As Ciampi observed, this represents the "coin to the service of Man", instead of Man to the service of money.
Economy of Italy
Italy has over 1.4 million people with a net wealth greater than $1 million, a total national wealth of $11.857 trillion, and represents the 5th largest cumulative net wealth globally (it accounts for 4.92% of the net wealth in the world). According to the Credit Suisse's Global Wealth Databook 2013, the median wealth per adult is $138,653 (5th in the world), while according to the Allianz's Global Wealth Report 2013, the net financial wealth per capita is €45,770 (13th in the world).
Tripolitanian lira
No coins were issued for this currency, old Italian coins theorically being still circulating, although heavily devalued. Notes were issued in denominations of 1, 2, 5, 10, 50, 100, 500 and 1000 lire.
Italy and the International Monetary Fund
The IMF has warned that the proposed budget in Italy would creates backlash across the EU. In October 2018, Italy's populist government announced that it is targeting a deficit of 2.4% of GDP, which triples the value of the previous administration. The government vows to spend more despite already having a substantial debt. This plan also would push Italy's debt higher that its current level of 130% of its GDP, which more than twice than the EU limit that is 60%. The direction that Italy is currently headed could bring forth another financial crisis and also jeopardizes the value of the euro.
Italian lira
San Marino switched to the euro along with Italy and the Vatican City. As with old Sammarinese lira coins, the country has its own set of euro coins.
Eritrean tallero
The tallero was the currency of Eritrea between 1890 and 1921. It was subdivided into 5 lire, each of 100 centesimi. The lira was equivalent to the Italian lira.
Fiume krone
The Fiume Krone (, abbreviated Cor. or FIUK) was introduced in the Free State of Fiume on 18 April 1919 by the Italian National Council of Fiume who effectively exercised power in the City through stamping of the previous Austro-Hungarian Krone notes. After the Dannunzian occupation in September 1919, a new series of notes were stamped on behalf of the "Istituto di credito del Consiglio Nazionale" with a decree dated 6 October 1919. The Fiume Krone was the official currency of the City of Fiume up to 26 September 1920 when, by the decree of the general Amantea commander of the Italian troops in Fiume, the Italian lira was introduced as the new official currency.
The currency continued to circulate until the annexation of the city to Italy in February 1924. The royal decree n 235 of 24 February 1924 set the final conversion date on April the 30th 1924 at 0.40 Italian lira for one Corona Fiumana.
Language and the euro
In Italian the word "euro" is used, as both singular and plural. Its standard pronunciation is , although native northern Italians use instead. The plural form "euri" is uncommon, but not incorrect.
Roman scudo
The Roman scudo (plural: "scudi romani") was the currency of the Papal States until 1866. It was subdivided into 100 baiocchi (singular: "baiocco"), each of 5 quattrini (singular: "quattrino"). Other denominations included the "grosso" of 5 baiocchi, the "carlino" of 7½ baiocchi, the "giulio" and "paoli" both of 10 baiocchi, the "testone" of 30 baiocchi and the "doppia" of 3 scudi.
History of coins in Italy
After the Allied invasion of Italy, an exchange rate was set at US$1 = 120 lire (1 British pound = 480 lire) in June 1943, reduced to 100 lire the following month. In German occupied areas, the exchange rate was set at 1 Reichsmark = 10 lire.
History of coins in Italy
In 1808, the Papal States were annexed by France, and French francs circulated as the official coins. When the Pope's authority was restored in 1814, the scudo was restored as the currency. However, the coinage of the individual states was not resumed. In 1849, another Roman Republic was established which issued coins centrally and in Ancona.
Italian General Confederation of Labour
With the victory of Romano Prodi's centre-left coalition in 1996 general election, the dialogue with the trade union movement was strengthened and, as already mentioned, allowed Italy to reach Euro convergence criteria and enter into the single currency. CGIL, CISL and UIL were also protagonists of a battle against the secessionism of the League, which put at risk the political unity of Italy, with major demonstrations in Milan and Venice.
Solidus (coin)
This word is still in common use today in Italy in its plural "soldi" with the same meaning as the English equivalent ""money"".
The word ""saldo"", like the French "solde" mentioned above, means the balance of an account or invoice. It also means ""seasonal rebate"", probably by contamination between the original meaning and the English word ""sales"".
Euro
Since 2005, stamps issued by the Sovereign Military Order of Malta have been denominated in euros, although the Order's official currency remains the Maltese scudo. The Maltese scudo itself is pegged to the euro and is only recognised as legal tender within the Order.
Italian lira
Fifty-thousand- and 100,000-lira notes were introduced by the Bank of Italy in 1967, followed by 2,000-lira notes in 1973, 20,000-lira notes in 1975 and 500,000-lira notes in 1997.
Commemorative coins of San Marino
San Marino is an enclave completely within Italy. With little or no resources, the tiny nation has made income selling stamps and coins to tourists. From 1950 through the adoption of the euro in 1999 (by law, 2002 de facto), legal tender coins with dozens of ever changing designs have been produced in abundance by the Italian mint in Rome. These coins have been for the most part numismatically worthless, except for some silver and gold commemoratives.
Neapolitan lira
The lira was the currency of the mainland part of the Kingdom of the Sicily, known as the Kingdom of Naples, between 1812 and 1813. The currency was issued by Joachim Murat, who claimed the title of "King of the Two Sicilies" but only controlled the mainland part of the kingdom. Consequently, the currency is referred to as the "Neapolitan lira". It was subdivided into 100 "centesimi" (singular: "centesimo") and was equal to the Italian lira and French franc. It replaced the piastra, which circulated again following the restoration of Bourbon rule.
Bank of Italy
The Bank of Italy, known in Italian as [La] Banca d'Italia (), also known as Bankitalia, is the central bank of Italy and part of the European System of Central Banks. It is located in Palazzo Koch, via Nazionale, Rome. The bank's current governor is Ignazio Visco, who took the office on 1 November 2011.
Nouriel Roubini
With regards to Europe, Roubini predicted that Italy, and possibly a series of other eurozone countries (Portugal, Spain, Greece) might have to exit the eurozone if they did not implement "serious economic reforms." "[It] is not a foregone conclusion but, if Italy does not reform, an exit from EMU within 5 years is not totally unlikely. Indeed, like Argentina, Italy faces a growing competitiveness loss given an increasingly overvalued currency and the risk of falling exports and growing current account deficit. The growth slowdown will make the public deficit and debt worse and potentially unsustainable over time. And if a devaluation cannot be used to reduce real wages, the real exchange rate overvaluation will be undone via a slow and painful process of wage and price deflation."
Carlo Azeglio Ciampi
Ciampi was the first non-parliamentarian prime minister of Italy in more than 100 years. From April 1993 to May 1994 he oversaw a technical government. Later, as treasury minister from 1996 to May 1999 in the governments of Romano Prodi and Massimo D'Alema, he was credited with adopting the euro currency. He personally chose the Italian design for the 1-euro coin, whereas all others were left to a television vote among some candidates the ministry had prepared (see also: Italian euro coins).
Euro
All circulating coins have a "common side" showing the denomination or value, and a map in the background. Due to the linguistic plurality in the European Union, the Latin alphabet version of "euro" is used (as opposed to the less common Greek or Cyrillic) and Arabic numerals (other text is used on national sides in national languages, but other text on the common side is avoided). For the denominations except the 1-, 2- and 5-cent coins, the map only showed the 15 member states which were members when the euro was introduced. Beginning in 2007 or 2008 (depending on the country) the old map is being replaced by a map of Europe also showing countries outside the Union like Norway, Ukraine, Belarus, Russia or Turkey. The 1-, 2- and 5-cent coins, however, keep their old design, showing a geographical map of Europe with the 15 member states of 2002 raised somewhat above the rest of the map. All common sides were designed by Luc Luycx. The coins also have a "national side" showing an image specifically chosen by the country that issued the coin. Euro coins from any member state may be freely used in any nation that has adopted the euro.
Swiss franc
The Swiss franc is the currency and legal tender of Switzerland and Liechtenstein and also legal tender in the Italian exclave of Campione d'Italia. Although not formally legal tender in the German exclave of Büsingen am Hochrhein (the sole legal currency is the euro), it is in wide daily use there; with many prices quoted in Swiss francs. The Swiss franc is the only version of the franc still issued in Europe.
Italy First (political party)
The founding manifesto of Italy First included criticism of the PdL, its participation in the European People's Party and its compliance to Europeanism and economic liberalism. One of the first political campaigns of the new party was against the euro currency.
Complementary currency
There are some complementary currencies which are regional or global, such as the Community Exchange System, WIR and Friendly Favors, Tibex in the Lazio region in Italy or the proposed global currency terra.
Italma
Italma (acronym of "Italiano Alluminio Magnesio") is an aluminium alloy. It was produced by A.S.A. (Alluminio Soc. Anonima) and was introduced shortly after World War II in order to being used in the new coinage of the Italian lira, which lasted until the adoption of the Italian euro coins in 2002. It comprised 96.2% aluminium, 3.5% magnesium, and 0.3% manganese.