The launch of the Repo project represents an important goal: it will facilitate the MEF in managing the Treasury’s liquidity and it will enrich and complete the instruments already in use in the cash management activity. The Treasury can borrow or lend temporary liquidity in exchange of Italian government bonds used as collateral. Through the Repo operations, the MEF may also intervene to manage the consequences deriving from any situations of scarcity on the secondary market of specific securities, if this goal is in line with the primary one, i. e. that of cash management.[…]