De Stefani was appointed by Mussolini as Italy's
minister of treasury in December 1922 when
Vincenzo Tangorra suddenly died. He was a
liberal economist and a former stalwart leader in the Centre Party who favoured policies such as
free-trade,
tax cuts without too much government interference, and
privatisation of businesses such as the communications industry. He also undertook a thorough reform of the taxation system in Italy, which was adjudged a success at the time, although it has been noted that the reforms he enacted had been laid out by his predecessor
Filippo Meda but not enacted. De Stefani took advantage of the dictatorial powers afforded to Mussolini's regime to enact these reforms, which had previously been blocked by parliament, but in exchange he was among the acolytes who continued to serve Mussolini despite being aware of his responsibilities in the
Matteotti crime. The economy prospered under de Stefani's direction, as part of a Europe-wide growth. Both
wages and the
cost of living fell under his direction. By mid-1925, the economy was heading towards crisis and Mussolini dismissed de Stefani, replacing him with
Giuseppe Volpi, a
corporatist. ==Later political career==