Fabio Panetta will lead the Bank of Italy

Fabio Panetta will lead the Bank of Italy


The CDM will start the process for the appointment of the ECB board member as governor of via Nazionale. Portraits and interviews with the successor of Ignazio Visco, from our archive

The Council of Ministers in progress will start the process for the appointment of Fabio Panetta as governor of the Bank of Italy. The member of the Executive Committee of the European Central Bank would therefore be the most likely successor of Ignazio Visco, whose office expires in October. It is a victory for the premier over the Minister of Economy, Giancarlo Giorgfetti, who would have preferred Daniele Franco.

There is a precise procedure for appointing the governor of the Bank of Italy. A decree from the President of the Republic is required, on a proposal from the President of the Council of Ministers, following a resolution by the CDM, having heard the opinion of the Superior Council of via Nazionale. The office of governor, which until 2005 had no term limit, according to article 19 of law 262/2005, lasts six years and can be renewed only once.

Fabio Panetta, former general manager of the Bank of Italy where he joined in 1985 after graduating and where he covered the entire cursus honorum with particular expertise on international dossiers following Mario Draghi as sherpa with whom he established a very close relationship. A trained technician with a family background of "bread and politics". Today he is a member of the board of the ECB and has come to the fore with a crescendo of credibility that has not escaped attentive observers, both in Rome and in Frankfurt. Soft line on interest rates, anti-spread shield, a common European investment fund, firmness in "supporting Ukraine and committing ourselves to making the war end quickly" (unusual statements for an ECB member), a digital euro to strengthen the single currency and counter cyber attacks.

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