Already in 1947 the De Gasperi III Cabinet tried to merge the pre-existing Ministries of Treasure and Finance but it found a political opposition due to the great power concentrated in the hands of minister Pietro Campilli, and the project was abandoned for over fifty years.

MEF organizes and manages the State budget, including the fulfilments of treasury and verifies the related trends and cash flows, ensuring the operating connection with the accomplishments in the field of the coverage of financial requirement.

56 of the legislative decree 300/1999, MEF analyses the fiscal system and the choices on the tributary and treasury entries at the national, community and international level, as well as on the coordination activities.

MEF undergoes supervisory tasks on entities, activities and functions related to the relationship with the authorities of supervision and control required by law, according to the art.

[3] The Ministry was reorganized with the Presidential Decree n. 43 of 30 January 2008 which established offices in direct collaboration of the minister and proper departments of the MEF.

The Guardia di Finanza is essentially responsible for dealing with financial crimes and smuggling; it has also evolved into Italy's primary agency for suppressing the illegal drug trade.