[2] De Stefani was appointed by Mussolini as Italy's minister of treasury in December 1922 when Vincenzo Tangorra suddenly died.

[3] He was a liberal economist and a former stalwart leader in the Centre Party[clarification needed][4] who favoured policies such as free-trade, tax cuts without too much government interference, and privatisation of businesses such as the communications industry.

[10] Although removed from his position as minister de Stefani remained a member of the Grand Council of Fascism until the collapse of Mussolini's regime.

He was socially conservative and in 1928 launched an attack on what he felt was the "abundantly liberal" legislation being passed on marriage, arguing that those who chose not to procreate should be denied the same legal rights as parents.

[12] He would later become associated with a tendency that included fellow movement veterans Emilio De Bono, Italo Balbo, and Luigi Federzoni that was highly critical of the introduction of Nazi Germany-influenced racial laws into Italy.