italian movie about time stolen by time bandits and little orphan girl saves village

This Italian family movie was made in the 70's I think. It starred a famous British actor as the wizard or similar type figure. It is set in a little Italian village where everyone has plenty of time and went happily about their day, in their jobs. Then the time bandits arrive - men in grey suits, who steal their time. Next thing everyone is too busy to talk and always rushing. The little girl finds the wizard or similar figure who helps her to find the time again and frees everyone from the time bandits.
It was on video and I have googled till I am blue in the face but can't find it. The title was something like "The day the world stopped" or "The day time stood still" or something like that. I would love to find out the name and get a copy of it.
Can you help?

All I can say is an Italian movie about time bandits is going to be a sucker to find because of a certain better known film called Time Bandits. Looks like a job for viju menon as it will be beyond us mere mortals.

I looked at every Italian movie title from 1970 to 1980 the Imdb identifies as fantasy and saw nothing that matched (but I did come across some real weirdies).

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Momo (1986)

http://screenshotworld.blogspot.com/...momo-1986.html

http://www.imdb.com/title/tt0091537/

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This one can be marked answered, plot description fits exactly, even though OP was wrong on the year and it doesn't have a famous British actor.