Two concurring events in the past decades had an impact on the

Italian legal system with respect to the present subject matter.

Therefore, our analysis will start by examining those events and their

consequences on enforcement of foreign money judgments in Italy.

 

 

We refer first to the enforcement in the European Community on 1

July 1990, of EEC Council Directive No. 88/361 of 24 June 1988. This

event brought about the full freedom of circulation of capitals in the

European Community.

 

 

At present, the freedom of movements of capitals, together with the

other fundamental freedoms, are regulated by the primary rules

contained in Articles 63–66 of the Treaty on the Functioning of the

European Union (TFEU).

 

 

More precisely, at present the principle of liberalization is expressed,

as a paramount rule, by paragraph 1 of Article 63, which enjoins “all

restrictions in the movement of capitals between Member States, and

between Member States and third countries”. The principle is stated

again in paragraph 2 which by the same wording refers to payments.

 

 

The liberalization within the European Community had a material

impact on the exchange control rules and regulations in force at the time

in each Member State. In the Italian legal system, the liberalization of

movements of capitals and payments was achieved by introducing new

provisions on exchange control rules and regulations (see, Statutory

Decree of 31 March 1988, No. 148) and by fully implementing the

above mentioned EEC Council Directive No. 88/361, even before 1 July

1990, through enactment of domestic statutory instruments.

 

 

The new Italian (liberalizing) provisions on exchange control
represented a substantial innovation with respect to the former (and