Central Banking

Italy Senate approves central bank reform

Italy's Senate on Tuesday 11 October approved a bill to reform the Bank of Italy and the financial sector.

The bill must now pass to the Chamber of Deputies. It proposes a 7-year limit on the mandate of future governors of the Bank of Italy, but does not alter the open-ended term of current Governor Antonio Fazio.

It proposes that ownership of the Bank of Italy pass from the country's banks to the state, and aims to increase the Bank of Italy's transparency, with regular reports to parliament o

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