Italy is a country in Europe. The capital of this country is Rome and
the currency of this country is Euro. It is Unitary Parliamentary Republic with
bicameral legislature. This country was once the core of the mighty and well
known Roman Empire.
The legal maxims are short well-known sayings that state a general truth.
You must have heard proverbs such as time and tide wait for no man, honesty is
the best policy etc. similarly legal maxims are short well-known sayings by the
Roman Judges which form the pillars on which the entire legal system stands.
E.g., of Legal Maxim- ‘Ignorantia Juris Non Excusat’ which means ‘Ignorance of
law excuses no one.’
Italy is also famous for its world-renowned cuisine. Italian pasta and
pizza are very famous in India as well. Among the various countries from where
the olive oil is imported in India, one country in that list is Italy.
The Central Bank of Italy having its headquarters at Rome, Italy is named as the Bank of Italy. This bank is regulated by Italian legislation as well as European legislation as Italy is a part of the Eurosystem. The Bank of Italy like other Central Banks is an integral part of the Eurosystem.
What is Eurosystem? The Eurosystem comprises of the European Central Bank and the national central banks (e.g., Bank of Italy) of the Member States whose currency is Euro. One of the main aims of this Eurosystem is to maintain price stability.
The Bank of Italy too has similar aims and goals. On an international level the Bank of Italy embraces supervisory guidelines, economic analysis along with safeguarding the financial and economic stability and working towards lasting economic growth.
The city of Vatican in Italy is officially known as the Vatican City State and this city is known as a State because it is a sovereign and an independent territory having its own governance. The Holy See is the government in the Vatican City State which is universally recognized as a supreme body of Government in the Vatican City.
This Vatican City State has the Pope as its sovereign. This State was a result of the Lateran pacts between Italy and the Catholic Church and as per the Constitution of Italy, the State of Italy and the Vatican City State are independent and their relations is regulated by the Lateran pacts.
The Lateran Treaty was signed by Italy and the Holy See in the year 1929. The Holy See consults and cooperates on various international issues of mutual interests with rest of the States and actively participates on various global issues of concern.
