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Exclusive: Italy President underscores independence of central bank after ruling party vote - source
October 17, 2017 / 5:58 PM / 2 months ago

Exclusive: Italy President underscores independence of central bank after ruling party vote - source

ROME (Reuters) - The central bank’s independence must be safeguarded, a source in Italy’s president’s office said on Tuesday, after the country’s ruling party criticized Bank of Italy Governor Ignazio Visco less than two weeks before his mandate expires.

Governor of the Bank of Italy Ignazio Visco (R) participates in G-20 finance ministers and central bank governors family photo before a plenary session during the IMF/World Bank annual meetings in Washington, U.S., October 12, 2017. REUTERS/Yuri Gripas

“Positions regarding the Bank of Italy must be inspired by the exclusive criteria of safeguarding the autonomy and independence of the institution,” the source told Reuters, inviting everyone to “respect their own roles”.

The comments follow the passage of a motion in parliament backed by the ruling Democratic Party, saying the central bank’s inadequate supervision had contributed to the crises and collapse of numerous banks in recent years.

President Sergio Mattarella names the governor on the recommendations of the government and the central bank’s internal supervisory body.

Reporting by Giselda Vagnoni, writing by Steve Scherer

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