City of Milan - Set of 2 Bonds

Set of 2 bonds. $500 Green and $100 Blue. Great vignette by American Bank Note Co.

Milan is a city in northern Italy, capital of Lombardy, and the second-most populous city proper in Italy after Rome. It is the only European city wealthier than its corresponding capital. Milan served as the capital of the Western Roman Empire, the Duchy of Milan and the Kingdom of Lombardy–Venetia. The city proper has a population of about 1.4 million while its metropolitan city has 3.26 million inhabitants. Its continuously built-up urban area, that stretches well beyond the boundaries of the administrative metropolitan city, is the fourth largest in the EU with 5.27 million inhabitants. The population within the wider Milan metropolitan area, also known as Greater Milan, is estimated at 8.2 million, making it by far the largest metropolitan area in Italy and the 3rd largest in the EU.

Milan is considered a leading alpha global city, with strengths in the fields of art, commerce, design, education, entertainment, fashion, finance, healthcare, media, services, research and tourism. Its business district hosts Italy's stock exchange (Italian: Borsa Italiana), and the headquarters of national and international banks and companies. In terms of GDP, it has the third-largest economy among EU cities after Paris and Madrid, and is the wealthiest among EU non-capital cities. Milan is viewed as part of the Blue Banana and one of the "Four Motors for Europe".

The city has been recognized as one of the world's four fashion capitals thanks to several international events and fairs, including Milan Fashion Week and the Milan Furniture Fair, which are currently among the world's biggest in terms of revenue, visitors and growth. It hosted the Universal Exposition in 1906 and 2015. The city hosts numerous cultural institutions, academies and universities, with 11% of the national total of enrolled students. Milan received 10 million visitors in 2018, with the largest numbers of foreign visitors coming from China, United States, France and Germany. The tourists are attracted by Milan's museums and art galleries that include some of the most important collections in the world, including major works by Leonardo da Vinci. The city is served by many luxury hotels and is the fifth-most starred in the world by Michelin Guide. Milan is also home to two of Europe's most successful football teams, A.C. Milan and F.C. Internazionale, and one of Europe's main basketball teams, Olimpia Milano. Milan will host the 2026 Winter Olympics together with Cortina d'Ampezzo.

The etymology of the name Milan (Lombard: Milan) remains uncertain. One theory holds that the Latin name Mediolanum comes from the Latin words medio (in the middle) and planus (plain). However, some scholars believe that lanum comes from the Celtic root lan, meaning an enclosure or demarcated territory (source of the Welsh word llan, meaning "a sanctuary or church", ultimately cognate to English/German Land) in which Celtic communities used to build shrines. Hence Mediolanum could signify the central town or sanctuary of a Celtic tribe. Indeed, about sixty Gallo-Roman sites in France bore the name "Mediolanum", for example: Saintes (Mediolanum Santonum) and Évreux (Mediolanum Aulercorum). In addition, another theory links the name to the boar sow (the Scrofa semilanuta) an ancient emblem of the city, fancifully accounted for in Andrea Alciato's Emblemata (1584), beneath a woodcut of the first raising of the city walls, where a boar is seen lifted from the excavation, and the etymology of Mediolanum given as "half-wool", explained in Latin and in French. According to this theory, the foundation of Milan is credited to two Celtic peoples, the Bituriges and the Aedui, having as their emblems a ram and a boar; therefore "The city's symbol is a wool-bearing boar, an animal of double form, here with sharp bristles, there with sleek wool." Alciato credits Ambrose for his account.

The Celtic Insubres, the inhabitants of the region of northern Italy called Insubria, appear to have founded a settlement around 600 BC. According to the legend reported by Livy (writing between 27 and 9 BC), the Gaulish king Ambicatus sent his nephew Bellovesus into northern Italy at the head of a party drawn from various Gaulish tribes; Bellovesus allegedly founded the settlement in the times of the Roman monarchy, during the reign of Tarquinius Priscus. Tarquin is traditionally recorded as reigning from 616 to 579 BC, according to ancient Roman historian Titus Livy. During the Roman Republic, the Romans, led by consul Gnaeus Cornelius Scipio Calvus, fought the Insubres and captured the settlement in 222 BC. The chief of the Insubres then submitted to Rome, giving the Romans control of the settlement. They eventually conquered the entirety of the region, calling the new province "Cisalpine Gaul" (Latin: Gallia Cisalpina) – "Gaul this side of the Alps" – and may have given the site its Latinized name of Mediolanum: in Gaulish *medio- meant "middle, center" and the name element -lanon is the Celtic equivalent of Latin -planum "plain", thus *Mediolanon (Latinized as Mediolānum) meant "(settlement) in the midst of the plain".

In 286 the Roman Emperor Diocletian moved the capital of the Western Roman Empire from Rome to Mediolanum.

Diocletian himself chose to reside at Nicomedia in the Eastern Empire, leaving his colleague Maximian at Milan. Maximian built several gigantic monuments: the large circus (470 × 85 metres), the thermae or "Baths of Hercules", a large complex of imperial palaces and other services and buildings of which few visible traces remain. Maximian increased the city area to 375 acres by surrounding it with a new, larger stone wall (about 4.5 km long) with many 24-sided towers. The monumental area had twin towers; one included in the convent of San Maurizio Maggiore remains 16.6 m high.

From Mediolanum the Emperor Constantine issued the Edict of Milan in 313 AD, granting tolerance to all religions within the Empire, and thus paving the way for Christianity to become the dominant religion of Roman Europe. Constantine was in Mediolanum to celebrate the wedding of his sister to the Eastern Emperor, Licinius. In 402 the Visigoths besieged the city and the Emperor Honorius moved the Imperial residence to Ravenna. In 452 Attila in his turn besieged Mediolanum, but the real break with the city's Imperial past came in 539, during the Gothic War, when Uraia (a nephew of Witiges, formerly King of the Italian Ostrogoths) laid Mediolanum to waste with great loss of life. The Lombards took Ticinum as their capital in 572 (renaming it Papia – the modern Pavia), and left early-medieval Milan to the governance of its archbishops.

After the siege of the city by the Visigoths in 402, the imperial residence moved to Ravenna. An age of decline began which worsened when Attila, King of the Huns, sacked and devastated the city in 452 AD. In 539 the Ostrogoths conquered and destroyed Milan during the Gothic War against Byzantine Emperor Justinian I. In the summer of 569 the Lombards (from whom the name of the Italian region Lombardy derives), conquered Milan, overpowering the small Byzantine garrison left for its defence. Some Roman structures remained in use in Milan under Lombard rule. Milan surrendered to Charlemagne and the Franks in 774.

The 11th century saw a reaction against the control of the Holy Roman Emperors. City-states emerged in northern Italy, an expression of the new political power of the cities and their will to fight against all feudal powers. Milan was no exception. It did not take long, however, for the Italian city-states to begin fighting each other to try to limit neighbouring powers. The Milanese destroyed Lodi and continuously warred with Pavia, Cremona and Como, who in turn asked Frederick I Barbarossa for help. In a sally they captured Empress Beatrice and forced her to ride a donkey backwards through the city until getting out. These brought the destruction of much of Milan in 1162. A fire destroyed the storehouses containing the entire food supply, and within just a few days Milan was forced to surrender.

A period of peace followed and Milan prospered as a centre of trade due to its position, during this time the city was considered among the largest European cities.

In 1395, Gian Galeazzo Visconti became the first Duke of Milan after receiving the title from Wenceslaus, King of the Romans. In 1447 Filippo Maria Visconti, Duke of Milan, died without a male heir; following the end of the Visconti line, the Ambrosian Republic was established; it took its name from St. Ambrose, the popular patron saint of the city. Both the Guelph and the Ghibelline factions worked together to bring about the Ambrosian Republic in Milan. Nonetheless, the Republic collapsed when, in 1450, Milan was conquered by Francesco I of the House of Sforza, which made Milan one of the leading cities of the Italian Renaissance.

Milan's last independent ruler, Lodovico il Moro, requested the aid of Charles VIII of France against the other Italian states, eventually unleashing the Italian Wars. The king's cousin, Louis of Orléans, took part in the expedition and realized most of Italy was virtually defenseless. This prompted him to come back a few years later in 1500, and claim the Duchy of Milan for himself, his grandmother having been a member of the ruling Visconti family. At that time, Milan was also defended by Swiss mercenaries. After the victory of Louis's successor François I over the Swiss at the Battle of Marignan, the duchy was promised to the French king François I. When the Spanish Habsburg Emperor Charles V defeated François I at the Battle of Pavia in 1525, northern Italy, including Milan, passed to Habsburg Spain.

In 1556, Charles V abdicated in favour of his son Philip II and his brother Ferdinand I. Charles's Italian possessions, including Milan, passed to Philip II and remained with the Spanish line of Habsburgs, while Ferdinand's Austrian line of Habsburgs ruled the Holy Roman Empire. The Great Plague of Milan in 1629–31, that claimed the lives of an estimated 60,000 people out of a population of 130,000, caused unprecedented devastation in the city and was effectively described by Alessandro Manzoni in his masterpiece "The Betrothed". This episode was seen by many as the symbol of Spanish bad rule and decadence and is considered one of the last outbreaks of the centuries-long pandemic of plague that began with the Black Death.

In 1700 the Spanish line of Habsburgs was extinguished with the death of Charles II. After his death, the War of the Spanish Succession began in 1701 with the occupation of all Spanish possessions by French troops backing the claim of the French Philippe of Anjou to the Spanish throne. In 1706, the French were defeated in Ramillies and Turin and were forced to yield northern Italy to the Austrian Habsburgs. In 1713–1714 the Treaties of Utrecht and Rastatt formally confirmed Austrian sovereignty over most of Habsburg Spain's Italian possessions including Lombardy and its capital, Milan. Napoleon invaded Italy in 1796, and Milan was declared capital of the Cisalpine Republic. Later, he declared Milan capital of the Kingdom of Italy and was crowned King of Italy in the cathedral. Once Napoleon's occupation ended, the Congress of Vienna returned Lombardy, and Milan, to Austrian control in 1815.

On March 18, 1848 Milan efficaciously rebelled against Austrian rule, during the so-called "Five Days" (Italian: Le Cinque Giornate), that forced Field Marshal Radetzky to temporarily withdraw from the city. The bordering kingdom of Piedmont-Sardinia sent troops in order to protect the insurgents and organised a plebiscite that ratified by a huge majority the unification of Lombardy with Piedmont-Sardinia. But just a few months later the Austrians were able to send fresh forces that routed the Piedmontese army at the Battle of Custoza on 24 July and to reassert Austrian control over northern Italy. About ten years later, however, Italian nationalist politicians, officers and intellectuals such as Cavour, Garibaldi and Mazzini were able to gather a huge consensus and to pressure the monarchy to forge an alliance with the new French Empire of Napoleon III in order to defeat Austria and establish a large Italian state in the region. At the Battle of Solferino in 1859 French and Italian troops heavily defeated the Austrians that retreated under the Quadrilateral line. Following this battle, Milan and the rest of Lombardy were incorporated into Piedmont-Sardinia, which then proceeded to annex all the other Italian statlets and proclaim the birth of the Kingdom of Italy on March 17, 1861.

The political unification of Italy enhanced Milan's economic dominance over northern Italy. A dense rail network, whose construction had started under Austrian patronage, was completed in a brief time, making Milan the rail hub of northern Italy and, with the opening of the Gotthard (1882) and Simplon (1906) railway tunnels, the major South European rail hub for goods and passenger transport. Indeed, Milan and Venice were among the main stops of the Orient Express that started operating from 1919. Abundant hydroelectric resources allowed the development of a strong steel and textile sector and, as Milanese banks dominated Italy's financial sphere, the city became the country's leading financial centre. Very rapid industrialization in the last two decades of the 1800s led to the birth of a massive worker class as well as bitter social conflicts. In May 1898 Milan was shaken by the Bava Beccaris massacre, a riot related to soaring cost of living.

Milan's economic dominance in Italy secured also a leading role for the city on the political scene. It was in Milan that Benito Mussolini built his political and journalistic careers, and his fascist Blackshirts rallied for the first time in the city's Piazza San Sepolcro; here the future Fascist dictator launched his March on Rome on 28 October 1922. During the Second World War Milan large industrial and transport facilities suffered extensive damage from Allied bombings that often also hit residential districts. When Italy surrendered in 1943, German forces occupied and plundered most of northern Italy, fueling the birth of a massive resistance guerrilla movement. On April 29, 1945 the American 1st Armored Division was advancing on Milan but, before it arrived, the Italian resistance seized control of the city and executed Mussolini along with his mistress and several regime officers, that were later hanged and exposed in Piazzale Loreto, where one year before some resistance members had been executed.

During the post-war economic boom, the reconstruction effort and the so-called Italian economic miracle attracted a large wave of internal migration (especially from rural areas of southern Italy) to Milan. The population grew from 1.3 million in 1951 to 1.7 million in 1967. During this period, Milan was rapidly rebuilt, with the construction of several innovative and modernist skyscrapers, such as the Torre Velasca and the Pirelli Tower, that soon became the symbols of this new era of prosperity. The economic prosperity was, however, overshadowed in the late 1960s and early 1970s during the so-called Years of Lead, when Milan witnessed an unprecedented wave of street violence, labour strikes and political terrorism. The apex of this period of turmoil occurred on 12 December 1969, when a bomb exploded at the National Agrarian Bank in Piazza Fontana, killing 17 people and injuring 88.

In the 1980s, with the international success of Milanese houses (like Armani, Versace and Dolce & Gabbana), Milan became one of the world's fashion capitals. The city saw also a marked rise in international tourism, notably from America and Japan, while the stock exchange increased its market capitalisation more than five-fold. This period led the mass media to nickname the metropolis "Milano da bere", literally "Milan to be drunk". However, in the 1990s, Milan was badly affected by Tangentopoli, a political scandal in which many politicians and businessmen were tried for corruption. The city was also affected by a severe financial crisis and a steady decline in textiles, automobile and steel production. Berlusconi's Milano 2 and Milano 3 projects were the most important housing projects of the 1980s and 1990s in Milan and brought to the city new economical and social energy.

In the early 21st century, Milan underwent a series of sweeping redevelopments over huge former industrial areas. Two new business districts, Porta Nuova and CityLife, were built in the space of a decade, radically changing the skyline of the city. Its exhibition centre moved to a much larger site in Rho. The long decline in traditional manufacturing has been overshadowed by a great expansion of publishing, finance, banking, fashion design, information technology, logistics and tourism. The city's decades-long population decline seems to have partially reverted in recent years, as the comune gained about 100,000 new residents since the last census. The successful re-branding of the city as a global capital of innovation has been instrumental in its successful bids for hosting large international events such as 2015 Expo and 2026 Winter Olympics.

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