The Bank of Italy is Italy's national central bank within the Eurosystem, formed on August 10, 1893 through the merger of four Italian banks following a banking scandal. Headquartered at the Palazzo Koch in Rome, it lost its own monetary-policy powers to the European Central Bank when Italy adopted the euro in 1999 and its direct banking-supervision role to the Single Supervisory Mechanism in 2014, and today functions chiefly as Italy's national competent authority for European banking supervision, managing the country's gold reserves and overseeing compliance within the domestic banking system.
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