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Image header Agence Europe
Europe Daily Bulletin No. 9029
Contents Publication in full By article 17 / 51
GENERAL NEWS / (eu) eu/banking

Commissioner McCreevy says Governor Fazio acted legally but not within the spirit of the law

Brussels, 16/09/2005 (Agence Europe) - Visiting Rome on Friday, European Internal Market Commissioner Charlie McCreevy said that the governor of the Bank of Italy, Antonio Fazio, had not respected the spirit of the law, but things had been done legally, reports AFP. Under fire for the way he handled the planned takeover of Italian bank Antonveneta by Dutch bank ABN-Amro and his alleged bias for an Italian bank, Banca popolare italiana (BPI), Fazio (appointed governor for life) refused to give way to political pressure and refused to stand down. Questioned by reporters, McCreevy said it would not be appropriate for a European Commissioner to get involved in such questions, the solution of which lay in the hands of the Italian authorities, but he suggested Fazio might resign. The Commissioner welcomed the planned reform of the Banca d'Italia whereby the governor would be appointed for a non-renewable period of 7 years, which would bring the Bank more into line with other EU Member States. (See EUROPE 9028.)

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