Italian governments and International Monetary Fund, between the 1940s and 1970s. The political role of international loans

The historical relationship between Italy and the International
Monetary Fund (IMF) can be examined from two distinct
perspectives, both of which have been, at least in part, overlooked
by Italian historiography.
The first pertains to the relationship between the IMF as a lender
and Italy as a borrower; the second concerns Italy’s role as a
member state within the Fund’s decision-making processes.
These two dimensions are divided by a pivotal turning point: the
1970s.
This chapter focuses on the first of these perspectives, aiming to
clarify four key issues.
First, why Italy was the earliest among the major nations defeated
in the Second World War to join the IMF.
Second, why, by the late 1960s, the relationship between Italian
governments and the Fund shifted from being largely
unconditional to a more ‘realistic’ alignment with both the
country’s domestic priorities and its foreign policy objectives.
Third, how this relationship eventually stabilized, with
international loans becoming a crucial tool for addressing
persistent fiscal imbalances.
Finally, how, in the 1970s, Italian governments adopted an
increasingly ‘pragmatic’ approach to the IMF in response to
mounting inflation and the worsening economic and financial
crisis.