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The article outlines the contribution made by the Italian banking system to financing the Treasury, and the devices and the circumstances that favoured its development. The business revival, by competing for bank loans, has of late weakened to a marked degree the position of the Treasury. This has given rise to new problems and to a proposal for a system of reserve requirements which would assure the Treasury a steady flow of funds during this critical period.   JEL: G10, G21, E44