McCreevy favours legal action over Fazio

European Union (EU) internal market commissioner, Charlie McCreevy, said on Tuesday that he favoured legal action against Italy over the way the country's central bank handled two foreign bank takeover bids earlier this year.

The news represents the latest challenge by the European Commission against the Bank of Italy's embattled governor, Antonio Fazio.

Fazio is believed to have improperly protected two Italian banks from takeover bids by ABN Amro, the Dutch bank, and Spain's Banco Bilbao Viz

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