The role of the Banca Nazionale del Lavoro (BNL) in Fascist Italy’s economic strategy towards Franco’s Spain, 1936–43

Abstract This article analyses the activities conducted by the Banca Nazionale del Lavoro (BNL) in Spain between 1936 to 1943 to understand Italian policy towards the Francoist regime during that period. In doing so, this piece argues that it is important to adopt a political economy approach that looks at production, trade and industrial investments, always in relation to politics, diplomacy, law, culture and government. In fact, this article establishes that, for the main actors in Rome at the time, all these considerations were inseparable when it came to the Italian policy towards Franco’s Spain. Furthermore, I argue that the BNL initiatives are better understood when situated within the larger history of the Fascist regime in Italy and its imperialistic policies in the Mediterranean area.