December 20, 2019 / 4:03 PM / a month ago

Bank of Italy's board appoints Daniele Franco as deputy governor - statement

ROME, Dec 20 (Reuters) - The Bank of Italy on Friday appointed Daniele Franco as its new deputy governor to replace Fabio Panetta, who is set to join the European Central Bank’s executive board.

Franco began his career at the Bank of Italy in 1979 and spent his first 15 years at the research department. He left the bank in 2013 to become Italy’s State Accountant — a role that gave him oversight over the management of public funds.

The anti-establishment 5-Star Movement party accused him last year of hindering its big spending plans through an excessively close scrutiny of government proposals.

The European Council said on Thursday that Panetta would take up his new ECB post on Jan. 1. (Reporting by Angelo Amante; Editing by Crispian Balmer)

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