Italy
Comment: Fazio steps down
Antonio Fazio's resignation as Bank of Italy governor is welcome, but long-overdue. The way is now open for the implementation of much-needed reforms, as the Bank seeks to regain its lost credibility.
Fazio resignation rumours described as 'nonsense'
Rumours that Bank of Italy governor Antonio Fazio was set to resign this weekend following news that he is being investigated for alleged insider trading were described by the central bank on Friday 16 December as 'nonsense'.
Trichet: Fazio may have infringed ECB rules
Bank of Italy governor Antonio Fazio would have infringed the European Central Bank's code of conduct if press information of improper links with Banca Popolare Italiana CEO Gianpiero Fiorani proved founded, ECB president Jean-Claude Trichet said on…
Fazio may face ECB probe
The European Central Bank may decide at its council meeting Thursday 15 December to open a formal inquiry into Bank of Italy governor Antonio Fazio's links with former Banca Popolare Italiana CEO Gianpiero Fiorani, said Corriere della Sera in an…
Fazio confident despite banker arrest
Bank of Italy Governor Antonio Fazio said he did not break the law, after Gianpiero Fiorani was arrested for suspected embezzlement, but a leading newspaper on Wednesday 14 December called on Fazio to quit.
EU confirms legal action against Italy
The European Commission confirmed in a statement on Tuesday 13 December that it has decided to start legal action against Italy over the involvement of the Bank of Italy in the takeover battle for Banca Antonveneta.
Bianchi appointed to Bank of Italy FX division
Bruno Bianchi has been appointed director general of Ufficio Italiano Cambi, the foreign exchange division of the Bank of Italy.
Buba, BaFin, Bank of Italy sign agreement
The Bundesbank, Germany's financial watchdog BaFin and Italy's central bank Banca d'Italia have signed an agreement to cooperate in the regulation of Unicredito Italiano SpA following its takeover of HVB Group, according to a statement published by BaFin.
ECB's Bini Smaghi says rates could rise
The European Central Bank could raise its official interest rate to 2.25 pct from 2.00, when the bank's governing council meets tomorrow, said ECB executive Lorenzo Bini Smaghi on Wednesday 30 November
Lessons from Italian monetary unification
This Working Paper, published November 2005, examines whether the states brought together in the Italian monetary union of the nineteenth century constituted an optimum monetary area, either before or after unification.
EU Competition Commissioner backs Italy action
The EU competition commissioner said Friday 25 November that she would support plans to take legal action against the Bank of Italy.
EU plans Bank of Italy legal action
The European Commission will begin legal action against the Bank of Italy next month over its handling of recent bank mergers involving foreign bids, Internal Market Commissioner Charlie McCreevy said on Thursday 24 November.
Tripartite protocol on banking supervision signed
Jean-Claude Trichet and Dr. Farouk El Okdah, governor of the Central Bank of Egypt, on 13 November signed a Tripartite Protocol to mark the start of a Eurosystem Technical Assistance Programme on Banking Supervision.
ECB opposes BoI reform bill
Attempts to reform governance structures at the Bank of Italy (BoI) yesterday received another blow when Lorenzo Bini Smaghi, a member of the ECB's executive board, said the government should amend some of the initiatives proposed in a parliamentary bill.
McCreevy favours legal action over Fazio
European Union (EU) internal market commissioner, Charlie McCreevy, said on Tuesday that he favoured legal action against Italy over the way the country's central bank handled two foreign bank takeover bids earlier this year.
IMF wants more accountable Bank of Italy
The International Monetary Fund said on Wednesday 2 November that the Italian government should toughen up a draft reform of the Bank of Italy to make the central bank more transparent and accountable.
Berlusconi suggests new mandate for ECB
Italian Prime Minister Silvio Berlusconi said on Thursday 27 October that he had suggested to fellow European Union leaders the idea of changing the European Central Bank's mandate because inflation no longer represented a problem for the eurozone.
Politicians walk out on Fazio testimony
Bank of Italy governor Antonio Fazio faced another snub on Tuesday 18 October when centre-left opposition party members walked out of a parliamentary hearing where he was speaking about Italy's 2006 budget.
ECB not yet ready to give Fazio 'dialogue' details
European Central Bank vice-president Lucas Papademos said the ECB is not yet prepared to discuss details of its "dialogue" with Bank of Italy governor Antonio Fazio.
Bank of Italy says still talking to ECB
The Bank of Italy said Tuesday 11 October it was still talking with the European Central Bank about its role in a controversial takeover battle and denied a press report claiming the ECB had concluded that Antonio Fazio broke banking rules.
Italy Senate approves central bank reform
Italy's Senate on Tuesday 11 October approved a bill to reform the Bank of Italy and the financial sector.
Bank of Italy governor questioned in Rome
Prosecutors were questioning embattled Bank of Italy Governor Antonio Fazio on Monday 10 October regarding his involvement in the takeover struggle for Banca Antonveneta SpA, the central bank said.
ECB backs Bank of Italy reform plan
The European Central Bank endorsed Italy's draft legislation to limit the term of the governor of the Bank of Italy from life to a single seven-year term on Thursday.
Fazio, humiliated, still fails to take the hint
The Economist magazine gave its opinion on the Fazio Affair in this article published on Monday 26 September. Mr Fazio's behaviour has wrecked the reputation of the central bank, hitherto one of the country's few internationally respected institutions,…