Baffi vs Albertini: The Battle of Economic Ideas for Italy's Accession to the European Monetary System

In early December 1978, just before the Parliamentary debate on the accession of Italy to the European Monetary System, Mario Albertini – Chair of the European Federalist Movement – signed a dramatic press release asking the government to dismiss Paolo Baffi from Governor of the Bank of Italy. An unprecedented and resounding appeal that would cause a personal shock and problems of public confidence to Baffi, that would later overlap with his indictment for alleged fraud in March 1979. Far from being a minor event, this affair – thanks to new testimonies – highlights the nature of the interests at stake as concerns the birth of the European Monetary System, casting new light on Italy’s accession to it.