After twelve years the era of Ignazio Visco at the Bank of Italy comes to an end

“The banking system is stable, but many doubted it,” says the governor of Bank of Italy. In two mandates he went through the shock of 2011, the conception of Qe, the banking crises, the inflation that returns. So Mario Draghi’s successor passes the baton

Those who expected in the last of his twelve final considerations to the Bank of Italy assembly an indictment against the new “archconfraternities of power” will have been disappointed, but Ignazio Visco is not Guido Carli who even hired him as soon as he graduated in 1972, not just because he grew up in Via Nazionale, not just because he didn’t belong to those air-confraternities, but because he wasn’t tempted by politics either as a coach (Dini, Ciampi, Draghi) or as a partisan. The outgoing governor of the Bank of Italy he has never hidden his inclination towards reformist progressivism and his post-Keynesian “militancy”.