In the financial sector the main operation was the conversion of the annuity, with the replacement of fixed-rate government bonds maturing (with coupon of 5%) with others at lower rates (3.75% before and then 3.5%).
The conversion of the annuity was conducted with considerable caution and technical expertise: the government, in fact, before undertaking it, requested and obtained the guarantee of numerous banking institutions.

The criticism that the government received by conservatives proved unfounded: the public opinion followed almost fondly the events relating, as the conversion immediately took on the symbolic value of a real and lasting fiscal consolidation and a stable national unification.
The resources were used to complete the nationalization of the railways.

The strong economic performance and the careful budget management led to a currency stability; this was also caused by a mass emigration and especially on remittances that Italian migrants sent to their relatives back home.
The 1906–1909 triennium is remembered as the time when "the lira was premium on gold".
In the financial sector the main operation was the conversion of the annuity, with the replacement of fixed-rate government bonds maturing (with coupon of 5%) with others at lower rates (3.75% before and then 3.5%). The conversion of the annuity was conducted with considerable caution and technical expertise: the government, in fact, before undertaking it, requested and obtained the guarantee of numerous banking institutions.
The criticism that the government received by conservatives proved unfounded: the public opinion followed almost fondly the events relating, as the conversion immediately took on the symbolic value of a real and lasting fiscal consolidation and a stable national unification. The resources were used to complete the nationalization of the railways.
The strong economic performance and the careful budget management led to a currency stability; this was also caused by a mass emigration and especially on remittances that Italian migrants sent to their relatives back home. The 1906–1909 triennium is remembered as the time when "the lira was premium on gold".
Giovanni Giolitti