Following the British procedure, the Fascist regime introduced a sinking fund in August 1927 (FO 371/12947, fol. 162). Th is permitted consolidation of the fl oating debt whereby the fi veand sevenyear Treasury bonds were converted into the longerterm "littorio loans" (on November 6, 1926, "conversione forzosa"). Th e littorio loans represented a popular "eff ort" [sforzo] that attracted the small savers for the national "economic battle" [battaglia economica] (Volpi, in Cotula and Spaventa 1993, 588).

Clara E. Mattei, The Capital Order, loc. 1714